MARKET REPORT: FTSE ends its two-day losing streak as oil stocks rally on the back of higher Brent Crude prices
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The London stock market ended its two-day losing streak as heavyweight oil stocks rallied on the back of higher Brent Crude prices.
On a steady day of gains, the FTSE 100 rose 0.8 per cent, or 59.88 points, to 7587.30 while the FTSE 250 was up 0.51 per cent, or 95.66 points, to 18937.20.
It came as the price of Brent Crude added almost 2.5 per cent to reach more than $87 a barrel, its highest level since April.
That helped BP rise 2.6 per cent, or 12.65p, to 492.65p while Shell added 2.4 per cent, or 56.5p, to 2428.5p.
The oil market has remained tight due to production cuts led by Opec and its allies alongside concerns over Russian shipments.
Gushing gains: The price of Brent Crude added nearly 1% to reach almost $87 a barrel, its highest level since April
Ukrainian president Volodymyr Zelensky yesterday vowed to fight back if Russia blocked its ports, sparking fears that supply in the Black Sea could be disrupted.
Michael Hewson, chief market analyst at CMC Markets, said: ‘With US inventory levels seeing large declines in recent weeks, the outlook for prices appears to be tilted more to the upside, unless fresh supply comes to market.’
Hill & Smith, the safety barrier maker, delivered a record set of half-year results following strong trading across its US businesses.
Revenue of £420.8million in six months to the end of June were 20 per cent higher than the year before while profit surged 43 per cent to £62.5million.
It said its US businesses now made up 73 per cent of group profit, which is now likely to beat market expectations of £111.8million for 2023.
The shares rose 7 per cent, or 110p, to 1680p. But Hiscox headed in the other direction after the insurer sounded a note of caution regarding growth in its retail division.
Stock Watch -RM
RM, which provides technology and resources to the education sector, fell 20.2 per cent, or 14.2p, to 56p after it said profit will be lower than hoped.
Consortium, its UK classroom supplies business, was hit by delays in launching an ecommerce platform and smaller school budgets, affecting results, as revenues of £87.6million in the six months to the end of May were down 11 per cent against the same period a year ago.
It made a loss of £4.5million. Profit for the year should be ‘on or around break-even’.
The unit, which is made up of businesses in the UK, Europe, USA and Asia, reported a 5.5 per cent increase in insurance contract written premiums to £996million in the six months to the end of June.
But overall retail growth was hindered amid increased competition. Its insurance revenues of £1.5billion were 3 per cent higher than the same period last year while profits rose from £19.9million to £207.8million. Shares sank 6 per cent, or 67p, to 1046p.
Intercontinental Hotels Group rose 2.5 per cent, or 144p, to 5934p after target price upgrades from Morgan Stanley and JP Morgan, a day after the Holiday Inn and Crowne Plaza owner’s profits surged as travel demand rebounded.
The feel-good factor at IWG accelerated as investors made a dash towards the office space provider’s stock on the back of its positive sets.
Yesterday it said revenue rose to £1.5billion in the first six months of this year, up 15 per cent on the £1.3billion it recorded in the same period of last year. Shares soared 9.8 per cent, or 14.8p, to 166.3p.
TP ICAP, the world’s largest interdealer broker, cashed in on higher oil and gas prices.
Profits of £91million in the first six months of this year were more than a quarter above the same period a year earlier while revenue rose 5 per cent to £1.13billion.
It also launched a share buyback worth up to £30million, alongside freeing up £100million of cash to pay down debt six months ahead of schedule.
The shares climbed by 7 per cent, or 10.8p, to 165.3p.
Office space landlord CLS Holdings warned the property market will remain challenging until interest rates have peaked.
The bleak outlook came as the group swung to a loss of £106.4million in the first six months of 2023, having made a £21.3million profit the year before.
And the value of its portfolio at the end of June was 5.5 per cent lower than the same period last year.
CLS failed to make any acquisitions during the first half because of the tough market conditions and said it did not expect to for at least the rest of 2023. Shares slumped 8.5 per cent or 12.2p, to 131.2p.