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14 May 2019 | 16:37

Oil prices and weaker sterling lift FTSE 100

The FTSE 100 was up 1% to 7,231.68 by the close on Tuesday as a slump in sterling on a lack of progress in cross-party Brexit talks and a surge in oil prices supported the index.

In the US, the S&P 500 bounced back from yesterday's losses to trade 0.8% higher at 2,835.25.

Oil majors Royal Dutch Shell and BP were up 1.7% and 1.5% respectively after oil rose on news of damage to Saudi Arabia's oil infrastructure in a drone attack.

Retailer Next advanced 2% as it announced a tie-up which will allow Amazon customers to collect parcels from its high street stores.

LARGE AND MID CAP RISERS AND FALLERS

Vodafone reversed earlier gains to trade 3.9% lower as it cut its dividend and swung deep into the red, owing to a loss on the sale of its Indian unit and asset impairments.

The telecoms giant also booked a modest 0.3% rise in organic services revenue.

Greggs jumped 16.3% after it reported skyrocketing sales, underpinned by the launch of its vegan-friendly sausage rolls.

Pubs firm Ei Group gained 6.1% as it reported a slight rise in first half profit and unveiled plans to buy back a further £30m worth of its own shares.

Standard Life Aberdeen advanced 1.7% after announcing that its assets under management and advice rose by 3% in the March quarter, helped by positive market movements.

Engineer Renishaw dropped 6.3% as it downgraded its annual guidance amid a 19% fall in profit in the first nine months of its financial year.

Over-50s insurance and travel specialist Saga gained 3.7% on announcing that it had commenced sea trials of its first purpose-built cruise ship.

Travel company On the Beach Group fell 4.1% after it disappointed investors with a 22% rise in first-half profit and warned of pressure on demand owing to Brexit uncertainty.

Support services group DCC reported a rise in annual profits as acquisitions helped generate 'very strong' growth in its natural gas division. Its shares were up 3.5%.

Engineer Spirax-Sarco gained 4.1% to £84.05 after completing the £139m acquisition of Thermocoax yesterday afternoon.

SMALL CAP RISERS AND FALLERS

Premier Foods swung to a full-year loss after a modest rise in revenue was more than offset by pension charges, restructuring costs and a writedown in the value of its Sharwoods and Saxa brands. Its shares were flat.

Stock Spirits rose 2.6% as it swung to a first-half profit after it sold higher volumes of vodka, rum and whiskey in Poland and the Czech Republic.

Story provided by StockMarketWire.com
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