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FTSE 100 movers: Oil shares gush higher; British Land hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.1% at 7,330.77 in afternoon trade on Wednesday. Shell and BP gushed higher as oil prices rose. Neil Wilson, chief market analyst at Markets.com, said: "Oil continues to advance off its trend support, with spot Brent rising to a two-week high at $114, as oil producers in OPEC struggle to match supply commitments.
"Both Saudi Arabia and the UAE are said to be at capacity, whilst Libyan production is struggling with a potential force majeure at the Gulf of Sirte. OPEC shouldn't do anything unexpected."
Severn Trent and United Utilities were also higher, recovering some ground after being hit on Tuesday by a research note from JPMorgan.
On the downside, British Land was the worst performer on the index after a downgrade to 'underperform' from 'neutral' at Bank of America Merrill Lynch, while Land Securities fell after a downgrade to 'neutral' from 'buy' by the same outfit.
Premier Inn owner Whitbread was on the back foot as it said the current boss of Domino's Pizza - Dominic Paul - will replace Alison Brittain as chief executive.
FTSE 100 - Risers
Standard Chartered (STAN) 638.00p 2.80% Shell (SHEL) 2,221.50p 2.04% BP (BP.) 404.95p 1.99% Severn Trent (SVT) 2,794.00p 1.90% United Utilities Group (UU.) 1,044.00p 1.80% AstraZeneca (AZN) 10,978.00p 1.78% HSBC Holdings (HSBA) 553.10p 1.34% National Grid (NG.) 1,083.50p 1.26% BAE Systems (BA.) 837.00p 1.26% RS Group (RS1) 880.50p 1.15%
FTSE 100 - Fallers
British Land Company (BLND) 464.20p -8.48% Land Securities Group (LAND) 685.60p -6.92% Pearson (PSON) 743.60p -5.71% Unite Group (UTG) 1,085.00p -4.74% International Consolidated Airlines Group SA (CDI) (IAG) 111.88p -4.21% Aveva Group (AVV) 2,279.00p -4.20% Ocado Group (OCDO) 830.80p -3.78% Intermediate Capital Group (ICP) 1,341.50p -3.77% Whitbread (WTB) 2,547.00p -3.67% Entain (ENT) 1,260.50p -3.34%
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