Unilever hits over twoweek high
Airlines feel the heat as oil climbs
Discount retailer BM slides on profit warning
FTSE 100 up 0.2, FTSE 250 off 0.7

May 31 Reuters UK39;s FTSE 100 edged higher on Tuesday as Unilever surged after naming activist investor Nelson Peltz as a board member and oil stocks rallied on the back of a surge in crude prices, helping buck the gloom in broader European markets.

The bluechip index gained 0.2, hitting its strongest level in nearly six weeks.

Unilever39;s shares jumped 6.9 after the consumer goods giant named billionaire activist Peltz to its board, heaping pressure on the company for a bigger revamp of strategy. 

Inviting Peltz in is only likely to ramp up the pressure on beleaguered CEO Alan Jope and we may now see the company advance plans to streamline the business and address governance concerns, said Russ Mould, investment director at AJ Bell.

Oil majors such as Shell and BP rose more than 1 each, as Brent crude prices climbed to 123 per barrel, after the EU agreed to a partial ban on Russian oil.

The regionwide STOXX 600 index slipped after data showed euro zone inflation hit another record high in May, challenging the European Central Bank view that gradual interest rate increases from July will be enough to tame stubbornly high price growth. 

Rising oil prices risk sapping the bullish momentum and U.S. Treasury yields have jumped in overnight trading, adding possible further headwinds, said Peter Garnry, head of…