The FTSE 100 Index rebounded to 10,816 points on Thursday, edging closer to its all-time high, after the Bank of England (BoE) delivered its interest rate decision. The index has risen by over 2.12% from its lowest level this month. This article looks at the top Footsie shares to watch in the coming weeks.
BP and Shell shares in focus as energy prices rise
Top energy stocks have done well this year, with BP and Shell remaining near their all-time highs. Shell rose to 3,571p, up by over 40% since January, while BP was at 564p, up sharply from the year-to-date low of 398p.
BP and Shell have become the top beneficiaries of the ongoing US-Iran war that has pushed crude oil prices higher. Brent, the global benchmark, peaked at $109.9 this week and pulled back to $103.7. The West Texas Intermediate (WTI) rose to $106.70 before pulling back to the current $96.
The two companies are benefiting from the elevated oil prices, which have led to a substantial windfall. Shell’s revenue surged to $94.7 billion in the second quarter from $64.5 billion in the same period last year. Its adjusted earnings more than doubled from $4.26 billion to $9.84 billion.
BP, on the other hand, made over $70 billion, with its operating profit reaching $5.7 billion. Its revenue and profits will likely continue rising in the coming months as analysts predict that oil prices will jump to $120 and above.
Scottish Mortgage Investment Trust
Scottish Mortgage Investment Trust has rebounded in the past few months, moving from a low of 1,297p in July to the current 1,520p. It has soared and is hovering around its highest level since June this year.
The rally coincided with the rebound of most companies. SpaceX stock jumped to $154.9, its highest level since July 7, and by 47% from its lowest level this year. This rally may continue ahead of the upcoming Starship orbital test on September 22.
SpaceX may benefit from the ongoing growth of its data center business, which reached a $1 billion-a-month deal with an unnamed company.
Scottish Mortgage Trust is also rising as traders wait for the upcoming Anthropic IPO, which will value it at over $2 trillion.
Rolls-Royce Holdings
Rolls-Royce Holdings stock has bounced back in the past few days, moving from a low of 1,400p earlier this month to the current 1,479p. The stock is in focus as it forms a bullish flag pattern, which is made up of a vertical line and a descending channel. This pattern often leads to a strong rally over time.
Rolls-Royce is doing well this year as demand for its products remain steady, pushing the management to hike its forecast. Its revenue jumped to 11.27 billion pounds in the year’s first half from 9 billion pounds. Its operating profit rose to over 2.53 billion pounds, with the management upgrading the annual forecast.
Lloyds Bank
Lloyds Bank stock has crawled back in the past few days, moving from a low of 107.65p to the current 112.2p. The bank is reacting to Thursday’s Bank of England (BoE) interest rate decision, in which officials decided to leave rates unchanged. Notably, officials left the door for a rate hike later this year open, which would benefit Lloyds, the biggest bank in the country.
Other top FTSE 100 Index shares to watch are firms like Vodafone, BT Group, Glencore, Anglo American.
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