FTSE Close: UK shares close higher ahead of key inflation data

The FTSE 100 closed up 23.55 points, or 0.3%, at 7,638.03 on Tuesday, with the UK set to receive important consumer and producer price inflation figures on Wednesday that could influence interest rates. The FTSE 250 also rose, ending the day 95.43 points, or 0.5%, higher at 19,315.98.

Energy giants BP and Shell saw diverging fortunes, the former dropping 0.3% while the latter added 0.4%. BP was potentially impacted by escalating attacks on ships around the Red Sea, prompting it to suspend tanker traffic in the area. Attacks have increased in the region, imperilling up to 12% of global trade.

Among mid-caps, Diversified Energy plummeted 14% after US politicians questioned its well closure and emissions procedures. It intends to “engage in a positive and open manner” with legislators.

Meanwhile, clothing retailer Superdry warned its full-year profit will be hit by the mild autumn and tough consumer environment, shares dropped 14% on the news. Revenue and profit declines also plagued security printing firm De La Rue, shares dropped 4%.

Virtual reality group Engage XR dropped 19% on lowered 2023 guidance.

On the upside, Tertiary Minerals jumped 23% after inking a copper project earn-in agreement in Zambia.