MARKET REPORT: FTSE ends two-day losing streak as oil shares rise on higher Brent crude prices
The London stock market ended its two-day losing streak as heavy oil shares rallied on higher Brent crude prices.
On a steady day of gains, the FTSE 100 was up 0.8 percent, or 59.88 points, at 7,587.30, while the FTSE 250 was up 0.51 percent, or 95.66 points, at 18,937. ,twenty.
It came as the price of Brent crude rose nearly 2.5 percent to hit more than $87 a barrel, its highest level since April.
That helped BP rise 2.6 percent, or 12.65 pence, to 492.65 pence, while Shell added 2.4 percent, or 56.5 pence, to 2,428.5 pence.
The oil market has remained tight due to production cuts led by OPEC and its allies, along with concerns about Russian shipments.
Skyrocketing Gains: The price of Brent crude rose nearly 1% to hit nearly $87 a barrel, its highest level since April
Ukrainian President Volodymyr Zelensky vowed yesterday to fight if Russia blocked his ports, raising fears that supplies in the Black Sea could be disrupted.
Michael Hewson, Chief Market Analyst at CMC Markets, said: “As US inventory levels have seen big drops in recent weeks, the outlook for prices appears to be leaning more to the upside, unless new supply arrives. to the market”.
Hill & Smith, the maker of safety barriers, delivered a record set of half-year results after strong trade in its US businesses.
Revenue of £420.8m in the six months to the end of June was 20% higher than a year earlier, while profit rose 43% to £62.5m.
It said its US businesses now account for 73 per cent of the group’s profits, which is now likely to exceed market expectations of £111.8m by 2023.
Shares were up 7 percent, or 110p, at 1680p. But Hiscox went in the opposite direction after the insurer sounded a note of caution regarding growth in its retail division.
Stock Clock -RM
RM, which provides technology and resources to the education sector, fell 20.2 percent, or 14.2 pence, to 56 pence after it said profits will be lower than expected.
Consortium, its UK classroom supplies business, was hit by delays in launching an e-commerce platform and tighter school budgets, which hurt results as revenue of $87.6 million pounds in the six months to the end of May were down 11% compared to the same period. years ago.
He had a loss of £4.5 million. Earnings for the year must be ‘at or around breakeven’.
The unit, which is made up of businesses in the UK, Europe, US and Asia, reported a 5.5 per cent increase in written premiums from insurance contracts to £996 million in the six months to the end of June.
But overall retail growth was hampered amid increased competition. Its insurance revenue of £1.5bn was 3 per cent higher than the same period last year, while profit rose from £19.9m to £207.8m. The shares sank 6 percent, or 67 pence, to 1,046 pence.
Intercontinental Hotels Group rose 2.5 percent, or 144 pence, to 5,934 pence after price target improvements from Morgan Stanley and JP Morgan, a day after the Holiday Inn and Crowne Plaza owner’s profit rose to as travel demand picked up.
The feel-good factor at IWG picked up steam as investors poured into the office space provider’s shares on the back of their positive sets.
Yesterday it said revenue rose to £1.5bn in the first six months of this year, up 15 per cent from the £1.3bn it posted in the same period last year. The shares soared 9.8 percent, or 14.8 pence, to 166.3 pence.
TP ICAP, the world’s largest interdistributor broker, took advantage of higher oil and gas prices.
Profit of £91m in the first six months of this year was more than a quarter above the same period a year earlier, while revenue rose 5 per cent to £1.13bn.
It also launched a share buyback worth up to £30m, as well as freeing up £100m of cash to pay down debt six months ahead of schedule.
The shares rose 7 percent, or 10.8 pence, to 165.3 pence.
Office space owner CLS Holdings has warned that the housing market will remain challenging until interest rates peak.
The grim outlook came as the group posted a £106.4m loss in the first six months of 2023, after having made a £21.3m profit the year before.
And the value of his portfolio at the end of June was 5.5% lower than in the same period last year.
CLS failed to make any acquisitions in the first half due to difficult market conditions and said it did not expect to do so for at least the rest of 2023. The shares fell 8.5 percent, or 12.2 pence, to 131.2 pence