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Surging oil prices boost FTSE

StockMarketWire.com

The FTSE 100 enjoyed a recovery following a sell-off on Thursday, supported by oil cartel OPEC's decision to cut output, triggering a 4.6% jump in Brent crude oil to $62.85 per barrel.

Oil majors Royal Dutch Shell and BP both climbed by at least 2.3%. Miners were also in favour with Evraz rallying 3.8% to 481.6p and Glencore adding 3.1% to 279.4p.

The FTSE 100 closed 1.3% higher at 6,791.

Wall Street was not as lucky, falling into the red as the latest employment data missed expectations, suggesting the economy is not as strong as previously thought.

The S&P 500 fell 1.4% to 2,657 at around 4:45pm UK time.

LARGE AND MID CAP RISERS AND FALLERS

Associated British Foods fell 4.6% to £22.42 amid a warning that its clothing chain Primark encountered a 'tough' retail backdrop. The company, however, still stuck to its full-year guidance for flat adjusted earnings.

High-end housebuilder Berkeley Group gained 1% to £33.56 as it raised its full-year profit guidance, despite reporting first-half profit fell by more than quarter amid a slowdown in the London housing market.

AstraZeneca said a clinical trial evaluating the efficacy of its head and neck cancer treatment failed to meet its primary goal of improving death rates. Its shares, however, were resilient at £59.27.

Fantasy miniatures firm Games Workshop gained 4.3% to £31.25 on announcing its first-half performance was in-line with expectations, keeping it on track to meet full-year guidance.

Premier Oil climbed 5.7% to 69.8p as it stuck to its annual production guidance, having achieved higher-than-expected output in November and December.

Information and analytics company RELX gained 2% to £16.17 after it completed its £700m share buyback programme for 2018 and said it would repurchase another £100m worth of shares early in the New Year.

SMALL CAP RISERS AND FALLERS

Filtration and environmental technologies group Porvair rallied 3.4% to 424p on announcing that it expected to post annual earnings ahead of its expectations, while revenue would grow by around 10%.

Ophir Energy gained 2.7% to 34p on news an exploration well in Indonesia had discovered natural gas.

Video games company Team17 said it would launch shooter game Genesis Alpha One on 29 January. Its shares were broadly unmoved at 181p.

President Energy said oil had successfully flowed during testing operations from the second well at its prospects at Rio Negro province in Argentina. Investors weren't too excited and the shares fell 2.5% to 9.5p.

Story provided by StockMarketWire.com