The FTSE 100 finished the day at 7777.7 points, showing a modest increase of 0.30%. The index remained in the positive zone in two consecutive trading sessions and surged by 47.12 points, or 0.61%, over the past two days.
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The FTSE 250 index gained 70 points during the day and ended at 19,258.75 on Monday.
Overall, the global markets started the week with a cautious approach amid the ongoing discussions surrounding the U.S. debt ceiling. However, the FTSE 100 displayed a strong performance, primarily driven by a moderate recovery in commodity prices, supporting the basic resources, oil, and gas sectors.
Talking about the oil and gas sector, multinational energy company TotalEnergies SE (GB:TTE) (NYSE:TTE) is facing pressure from its shareholders to take further action in reducing its emissions, particularly with regard to scaling back certain gas projects.
Dutch shareholder activist Follow This and 17 other investors are urging the group to adopt more aggressive emissions reduction targets by 2030. A proposal is set to be voted upon during a shareholder meeting scheduled for May 26th.
HSBC Holdings (GB:HSBA) traded up by 1.8% yesterday after the bank revealed its plans to boost its revenues from Asia in response to pressure from its major shareholder, Ping An. The bank is targeting mid-single-digit percentage growth in lending for its Asia business over the medium to long term.
On the losing side, Ocado Group (GB:OCDO) fell by 2.3% on Monday’s trading session, pushing the retail company to the bottom of the index. Yesterday, J.P. Morgan analyst Marcus Diebel reiterated his Sell rating on the stock.
UK-based private equity company 3i Group PLC (GB:III) was the top gainer of the index and was up by 2.75%. The shareholders continued to celebrate the company’s annual earnings for 2023, released last week.
On the FTSE 250 index, John Wood Group PLC’s (GB:WG) shares tumbled by 34.4% after the U.S.-based private equity firm Apollo Global Management withdrew its takeover deal worth £1.7 billion.
