Bluechip FTSE 100 set to snap 7day losing streak
Wood Group raises annual profit outlook, shares rise
Lower oil prices hurt energy sector index
FTSE 100 up 0.3, FTSE 250 adds 0.6

Aug 22 Reuters The bluechip FTSE 100 index lifted off sixweek lows on Tuesday, powered by gains in beatendown cyclical sectors, while shares of John Wood Group advanced after raising its annual profit outlook.

The FTSE 100 was up 0.3, while the midcap FTSE 250 index gained 0.6. The benchmark index could snap a sevenday losing streak, if gains last till the end of the trading session.

Gains were driven by cyclical sectors, including construction and materials, precious metal miners and defence.

John Wood Group climbed 4.2 after the oilfield services and engineering firm raised its expectations for annual adjusted core profit.

Meanwhile, the defensive personal care sector dipped 0.2 in the early hours, indicating a riskon move.

Oil stocks fell 0.4 tracking declines in crude prices and capped gains on the FTSE 100 index. The bluechip index lagged the broader Europe STOXX 600, which added 0.8.

It is a relatively light data calendar this week, meaning that there are fewer risks to any rally for a few days, certainly until Friday when Powell is scheduled to speak at Jackson Hole, said Stuart Cole, chief macro economist at Equiti Capital.

The market may simply be taking advantage of these calmer waters.

Focus will now shift to the Jackson Hole Symposium due later in the week, where major…