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FTSE 100 movers: Oil giants gush higher; Reckitt hit by downgrade
(Sharecast News) - London's FTSE 100 was 0.1% higher in afternoon trade on Wednesday at 7,484.76, as investors mulled Rishi Sunak's spring statement. Oil giants BP and Shell were the standout gainers on the index as oil prices rallied.
Victoria Scholar, head of investment at Interactive Investor, said: "Oil is trading higher in a relatively subdued session compared to the recent volatility. Brent crude is trading above $116 a barrel while WTI is holding just north of support at $110 buoyed by data which suggested that US crude stocks fell further last week and on anticipation of fresh Western sanctions against the Kremlin."
BP was also in focus after it announced a partnership with Japan's Marubeni to explore an offshore wind development opportunity, potentially putting the energy outfit further on track to meet its target in the renewables space. The shares got an additional boost from an upgrade to 'overweight' at Morgan Stanley.
On the downside, consumer goods giant Reckitt Benckiser was knocked lower by a downgrade to 'underperform' at Jefferies.
Housebuilders were also under the cosh, with Persimmon, Barratt and Taylor Wimpey all weaker. IG analyst Chris Beauchamp said: "It has been a depressing day for housebuilders, and indeed other stocks connected to consumer spending in the UK.
"Today's CPI figures confirm that the squeeze on household incomes is here to stay, with the chancellor's measures providing only a limited boost. Whether the recent bounce for stocks can withstand this gloomier outlook remains to be seen."
FTSE 100 - Risers
BP (BP.) 385.00p 3.69% Shell (SHEL) 2,065.50p 2.89% Electrocomponents (ECM) 1,060.00p 2.81% Antofagasta (ANTO) 1,783.00p 1.74% Fresnillo (FRES) 731.00p 1.67% Airtel Africa (AAF) 151.90p 1.40% Endeavour Mining (EDV) 1,890.00p 1.34% Rio Tinto (RIO) 5,782.00p 1.28% Ocado Group (OCDO) 1,098.50p 1.15% Glencore (GLEN) 506.90p 0.94%
FTSE 100 - Fallers
Kingfisher (KGF) 263.20p -3.55% Reckitt Benckiser Group (RKT) 5,680.00p -3.42% Royal Mail (RMG) 358.70p -3.29% WPP (WPP) 1,039.00p -3.08% Persimmon (PSN) 2,216.00p -2.93% Melrose Industries (MRO) 130.00p -2.84% Prudential (PRU) 1,097.00p -2.79% International Consolidated Airlines Group SA (CDI) (IAG) 138.06p -2.79% Barratt Developments (BDEV) 544.20p -2.75% Taylor Wimpey (TW.) 140.30p -2.74%
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