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FTSE 100 movers: BP, Shell rally as oil prices jump; Abrdn hit by downgrade
(Sharecast News) - London's FTSE 100 was down 0.6% at 7,863.65 in afternoon trade on Friday. BP and Shell jumped to the top of the index as oil prices rallied after Russia said it will cut oil production in retaliation against Western sanctions.
Standard Chartered was on the back foot after First Abu Dhabi Bank reiterated that it was not evaluating a possible offer for the bank. FAB said in January that it had previously been at the "very early stages" of evaluating of a possible offer for StanChart but that it was "no longer doing so".
However, shares in StanChart surged on Thursday after Bloomberg reported that FAB was pressing ahead with a potential offer for the bank.
Abrdn was knocked lower by a downgrade to 'reduce' from 'hold' by HSBC, which said it does not see the company coming close to its 2020-23 targets in the near term.
"And we see its dividend growth constrained to 0% for the foreseeable future, as it struggles to generate enough cash from its ongoing businesses to cover corporate and dividend costs," HSBC said.
"It may have to rely on potential disposal proceeds to fully fund its dividends and potential share buybacks."
FTSE 100 - Risers
BP (BP.) 559.30p 2.49% Shell (SHEL) 2,513.50p 1.93% Imperial Brands (IMB) 2,032.00p 1.40% British American Tobacco (BATS) 3,058.00p 1.33% Compass Group (CPG) 1,879.00p 1.24% Centrica (CNA) 98.54p 1.15% BT Group (BT.A) 135.40p 1.12% BAE Systems (BA.) 849.00p 0.69% Vodafone Group (VOD) 91.65p 0.42% National Grid (NG.) 1,032.50p 0.15%
FTSE 100 - Fallers
Ocado Group (OCDO) 666.80p -6.87% Smurfit Kappa Group (CDI) (SKG) 3,194.00p -5.11% Standard Chartered (STAN) 730.80p -4.79% Abrdn (ABDN) 205.80p -4.37% International Consolidated Airlines Group SA (CDI) (IAG) 161.84p -3.86% Croda International (CRDA) 6,706.00p -3.73% InterContinental Hotels Group (IHG) 5,508.00p -3.61% Flutter Entertainment (CDI) (FLTR) 12,315.00p -3.41% Frasers Group (FRAS) 767.50p -3.34% St James's Place (STJ) 1,225.50p -3.24%
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