The UK benchmark index has advanced in London in today’s session, finding support in stronger oil after US President Donald Trump unveiled plans to withdraw the country from Iran’s nuclear deal. Investors are also digesting a string of corporate news, including Compass Group’s (LON:CPG) interim update, which has sent the company’s shares near the bottom of the FTSE 100 leaderboard.
Rise in oil lifts index
As of 12:16 BST, the Footsie had added 25.87 points to stand 0.34 percent higher at 7,591.62. The index has found support in Royal Dutch Shell (LON:RDSA) and BP (LON:BP), whose shares have been in demand on the back of higher oil prices in the wake of President Trump’s announcement that he was pulling out the US from Iran’s nuclear deal which fuelled supply fears. BP’s share price is currently 2.13 percent higher at 562.10p, while shares in Shell are changing hands 1.98 percent higher at 2,601.00p.
Outside the energy sector, Imperial Brands (LON:IMB) has been one of today’s most prominent risers after reporting that it had made ‘significant progress’ in its next-generation products. The group’s shares are 4.95 percent up at 2,748.00p. Vodafone (LON:VOD) has been another prominent Footsie riser, having climbed 1.16 percent to 209.95p after announcing that it had agreed to acquire some of Liberty Global’s European assets.
At the other end of the spectrum has been Compass Group whose shares have been sold off as the company posted a 0.8-percent drop in half-year revenue and a 2.7-percent dip in operating profit. Compass’ share price is 4.48 percent worse off at 1,512.50p.
The FTSE 100 was 0.45 percent up at 7,599.68 points as of 12:42 BST on Wednesday, 09 May 2018.