The UK's FTSE 100 cruised to a record high on Tuesday, coming off an extended weekend, boosted by Shell's jump on its plans to sell some Malaysian assets, while BP slipped after it missed earnings forecast.
The blue-chip FTSE 100 index (.FTSE) breached the 8,300 mark to hit a record high of 8,311.02 points. It was last up 1.1% at 8,304.28, looking to build on its record of finishing higher in 10 of the last 13 sessions.
Shell (SHEL.L) jumped 1.7% after Reuters reported the energy giant is in talks to sell its gas station business in Malaysia to Saudi Aramco, a day after the company said it would exit South Africa's downstream businesses.
"Investors are clearly applauding Shell's kind of restructuring to focus on sectors that will offer steadier and cash-rich, steady revenue streams in the future," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
BP (BP.L) slipped 0.2% after the oil giant missed forecasts due to lower oil and gas prices and a U.S. refinery outage, but maintained the rate of its share buyback programme.
Precious metal miners (.FTNMX551030) gained 2.1% after the demand for safe-haven assets increased as a ceasefire in Gaza remains uncertain.
"We're seeing an expectation they (BoE) are going to hold rates again but these retail sales figures show that demand in the economy might be tailing off as these high borrowing costs take a toll," Streeter said.
Investors are pricing in two BoE rate cuts this year, with the first likely in August. Those expectations pushed the yields on the two-year and 10-year British government bonds to their lowest in more than three weeks.
The mid-cap FTSE 250 (.FTMC) gained 1%, cruising at its highest in over a year.
