London’s FTSE 100 was up 0.7% at 7,425.78 in afternoon trade on Tuesday.
Harbour Energy, BP and Shell gushed higher as oil prices recovered from the previous day’s falls after Saudi Arabia denied a report that it and other Opec countries were in talks about lifting output.
Walid Koudmani, chief market analyst at XTB, said: “Oil prices are still quite far off from their recent highs and it seems like the upside potential is being limited by a general sense of uncertainty brought by China’s unclear demand prospects while also being impacted by the ongoing Russia-Ukraine conflict.
“In either case, it will be important to see if oil manages to break through this area which seems to be acting as a resistance at the moment but that might require a significant change in sentiment and as was demonstrated yesterday, prices remain very susceptible to news and prone to spikes of volatility.”
Vodafone was under the cosh after a double downgrade to ‘underperform’ at Credit Suisse.
Building materials group CRH was also weaker even as it posted a rise in earnings amid “resilient” demand and backed its outlook for the year.
In the nine months to 30 September, earnings before interest, tax, depreciation and amortisation rose 14% to $4.2bn, with sales up 13% at $24.4bn. The EBITDA margin was up 10 basis points at 17.1%.
FTSE 100 – Risers
Harbour Energy (HBR) 320.20p 6.91%
BP (BP.) 484.95p 5.85%
Entain (ENT) 1,369.00p 5.63%
Shell (SHEL) 2,365.50p 4.09%
Frasers Group (FRAS) 856.50p 4.01%
Glencore (GLEN) 515.20p 3.69%
Antofagasta (ANTO) 1,338.50p 2.37%
Kingfisher (KGF) 251.80p 2.36%
BAE Systems (BA.) 798.40p 2.10%
Rio Tinto (RIO) 5,371.00p 1.92%
FTSE 100 – Fallers
Vodafone Group (VOD) 95.30p -2.86%
CRH (CDI) (CRH) 3,265.00p -2.38%
Croda International (CRDA) 6,752.00p -2.17%
Hargreaves Lansdown (HL.) 819.40p -2.10%
Compass Group (CPG) 1,788.50p -1.95%
SEGRO (SGRO) 818.80p -1.89%
Airtel Africa (AAF) 117.60p -1.84%
Schroders (SDR) 448.50p -1.62%
Prudential (PRU) 940.80p -1.55%
Relx plc (REL) 2,296.00p -1.54%
