Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London open: Energy shares pace the advance as oil prices recover
(Sharecast News) - London stocks rose in early trade on Tuesday, with energy shares pacing the gains as oil prices recovered. At 0855 GMT, the FTSE 100 was up 0.8% at 7,436.25.
On the macroeconomic front, figures out earlier from the Office for National Statistics showed that public sector net borrowing excluding public sector banks - PSNB ex - was £13.5bn in October, up from October 2021's £9.2bn, but well below consensus expectations of £21.0bn.
This marked the second month in a row that borrowing has exceeded last year's monthly total and was the fourth-highest October figure since records began in 1993.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "October's high borrowing figure largely is a consequence of the government's decision to shield households from most of the surge in energy prices.
"The Energy Bills Support Scheme cost the government £1.9bn in October, while the Energy Price Guarantee was the main driver of a £1.1bn rise in subsidies.
"Note that the costs of the Energy Bills Relief Scheme for businesses has not been included in October's borrowing estimate, due to a lack of data so far. Social assistance payments also were £1.0bn higher than a year ago, reflecting the payment of some of the grants to help households with living costs announced in May."
In equity markets, Harbour Energy, BP and Shell all gushed higher as oil prices recovered after Saudi Arabia denied a report that it and other Opec countries were in talks about lifting output.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "Saudi Arabia has rebuffed those suggestions with the energy minister Prince Abdulaziz bin Salman suggesting the complete opposite scenario was more likely and that another production cut could be on the cards.
"With the oil price hovering around $87 a barrel amid expectations of falling demand it does offer some relief for consumers and companies who have had to cope with painful price spikes in the Spring and Summer being passed on."
SSE was lifted by an upgrade to 'outperform' at RBC Capital Markets, while ConvaTec was higher after an initiation at 'buy' at Jefferies.
Cranswick jumped to the top of the FTSE 250 after the food producer said half-year profits fell, but posted a rise in sales as it worked to keep cost inflation under control.
Telecom Plus and Babcock also gained after half-year results.
On the downside, Severn Trent and building materials group CRH lost ground after their interim results, while Vodafone was knocked lower by a downgrade to 'underperform' at Credit Suisse.
TBC Bank tumbled after European Bank for Reconstruction & Development sold 850,000 shares in the company in a placing.
Market Movers
FTSE 100 (UKX) 7,436.25 0.81% FTSE 250 (MCX) 19,404.28 -0.05% techMARK (TASX) 4,410.23 0.15%
FTSE 100 - Risers
Harbour Energy (HBR) 316.60p 5.71% BP (BP.) 483.50p 5.53% Shell (SHEL) 2,346.00p 3.23% Glencore (GLEN) 510.00p 2.65% BAE Systems (BA.) 801.60p 2.51% Rio Tinto (RIO) 5,373.00p 1.95% SSE (SSE) 1,726.50p 1.83% Frasers Group (FRAS) 838.50p 1.82% Fresnillo (FRES) 876.20p 1.69% Convatec Group (CTEC) 237.40p 1.63%
FTSE 100 - Fallers
Airtel Africa (AAF) 116.30p -2.92% Severn Trent (SVT) 2,697.00p -2.21% Hargreaves Lansdown (HL.) 820.80p -1.94% Vodafone Group (VOD) 96.64p -1.50% CRH (CDI) (CRH) 3,294.50p -1.49% Entain (ENT) 1,279.50p -1.27% St James's Place (STJ) 1,166.00p -1.06% Schroders (SDR) 451.30p -1.01% Flutter Entertainment (CDI) (FLTR) 11,285.00p -1.01% SEGRO (SGRO) 826.40p -0.98%
FTSE 250 - Risers
Cranswick (CWK) 3,208.00p 3.95% Tullow Oil (TLW) 45.40p 3.89% Telecom Plus (TEP) 2,405.00p 3.00% Babcock International Group (BAB) 298.60p 2.97% Sirius Real Estate Ltd. (SRE) 84.20p 2.43% Wood Group (John) (WG.) 159.45p 2.41% Currys (CURY) 83.95p 2.38% Energean (ENOG) 1,399.00p 2.34% Drax Group (DRX) 633.50p 1.93% Hochschild Mining (HOC) 66.95p 1.83%
FTSE 250 - Fallers
TBC Bank Group (TBCG) 1,992.00p -12.25% Virgin Money UK (VMUK) 159.20p -4.87% Petershill Partners (PHLL) 189.00p -3.67% Big Yellow Group (BYG) 1,134.00p -2.83% Petrofac Ltd. (PFC) 116.00p -2.27% VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 406.00p -1.93% Bridgepoint Group (Reg S) (BPT) 206.80p -1.80% Fidelity Special Values (FSV) 275.00p -1.79% Ferrexpo (FXPO) 139.50p -1.76% easyJet (EZJ) 381.50p -1.70%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.