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FTSE rallies on stronger oil stocks

03 October 2017 16:49

A sharp rise in the shares of oil giants Royal Dutch Shell (RDSB) and BP (BP.) helped the FTSE 100 rally 0.4% to 7,468. Shell and BP ticked 0.9% and 0.7% higher to £23.33 and 483.5p.

Business activity in the UK construction sector fell for the first time in 13 months, according to Markit's latest Purchasing Managers' Index. This was blamed on a sustained drop in new work.

Brent crude oil nudged higher to $56.18 per barrel. Copper was 0.2% up at $2.95 per pound and gold was stable at $1,273 per ounce.

OVERSEAS MARKETS

Optimistic manufacturing data in the US helped to push the Dow Jones 0.3% higher to 22,626 on Tuesday.

MID AND LARGE CAP RISERS AND FALLERS

News that a Japanese agency is considering breaking ties with advertising giant WPP (WPP) weighed on the company's performance as the stock retreated 2% to £13.64.

Hungarian airline Wizz Air (WIZZ) was flat at £30.13 despite boosting its passenger numbers by 26.4% and increasing its load factory to 92.9% in September.

Low-cost airline Ryanair (RYA) was up 3% to €17.40 to strong traffic statistics as its customer numbers rose 10% and load factor ticked higher to 97%. This was somewhat surprising news given the recent mass cancellations due to issues scheduling pilots' holidays.

Soft drinks bottler Coca-Cola HBC (CCH) declined 1.4% to £25.21 after it announced that chief executive Dimitris Lois died during medical leave last month. The company said Michalis Imellos would continue in the role of acting CEO.

Sausage rolls seller Greggs (GRG) fattened 1.3% to £12.67 thanks to an 8.6% jump in total sales in the third quarter of the year.

Electrocomponents (ECM) continued to perform well this year thanks to faster sales growth and market share gains across all of its regions. Shares in the electronic components business were lifted 2.7% to 656p after the company upgraded half year pre-tax profit to approximately £78m.

Heating and plumbing products distributor Ferguson (FERG) impressed the market with an increase in annual pre-tax profit to £1.18bn, up from £675m. Shares in the firm were up 4% to £50.62.

SMALL CAP RISERS AND FALLERS

Bar operator Revolution Bars (RBG) was unmoved at 211.5p on a fall in full-year profit amid falling sales growth and rising costs. Sales growth in the first quarter of the current financial year continued to deteriorate.

Privately-owned rival Deltic Group said it was still considering whether to make a cash offer for Revolution Bars to rival Stonegate's offer of 203p per share.

Furniture retailer SCS Group (SCS) revealed a rise in annual net profit, driven by increased sales density at its furniture and flooring stores, helping the shares rise 6.8% to 170.2p.

Story provided by StockMarketWire.com

Related Company: WPP

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