London stocks bounce at open, Wood Group rises

UK shares opened higher on Tuesday, with the blue-chip FTSE 100 index lifting off six-week lows, powered by gains in beaten-down cyclical sectors, while shares of John Wood Group (LON:WG) rose after raising its annual profit outlook.

The FTSE 100 was up 0.2% by 0715 GMT, while the midcap FTSE 250 index gained 0.6%.

The FTSE 100 could snap a seven-day 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 (FTNMX502010).

John Wood Group rose 2.6% after the oilfield services and engineering firm raised its expectations for annual adjusted core profit.

Meanwhile, the defensive pharmaceutical and personal care sector indexes were among decliners in the early hours, indicating a risk-on move.