LONDON (ShareCast) - (ShareCast News) - Oil stocks and Cyclicals weighed on the market as news flowed in that Libya's main oilfield, Sharara, with a production capacity of 300,000 barrels a day, had come back online after an armed group that was protesting by blocking its pipelines stopped doing so.


That trigerred a 2.2% slide in Brent crude oil futures to $50.71 a barrel on the ICE.

Better-than-expected first quarter results from Total failed to act as an offset.

The French oil major reported a 56% rise in adjusted net profits for the latest three-month stretch to reach $2.6bn (£2.02bn) versus the $2.4bn which the consensus had penciled in.

Shares in Tullow Oil were faring worst, with its shares erasing 4.48%, while stock in BP was off by 2.42% and Shell's B shares down 2.09%.

GKN was also lower as Sterling continued to gain altitude.


Going the other way, company news flow was the main factor behind gains for Health Care Equipment stocks and Banks.

Mediclinic in particular was the standout gainer among the former group.

Shares in the Middle East and South Africa-focused healthcare provider bounced back from multi-year lows after Abu Dhabi crown prince Sheikh Mohamed bin Zayed Al Nahyan on Wednesday waived a 20% co-payment for holders of a Thiqa medical insurance card, when receiving treatment at private healthcare facilities in Abu Dhabi, with immediate effect.

Propping up banks, stock in Lloyds was on the up after the lender lifted its forecast for margins in 2017, with a 1% rise in net interest income to £2.93bn outpacing analysts' forecasts.

Top performing sectors so far today
Health Care Equipment & Services 7,980.87 +2.13%
Banks 4,241.89 +0.42%
General Retailers 2,607.16 +0.37%
Financial Services 10,323.14 +0.19%
Real Estate Investment & Services 2,757.51 +0.18%

Bottom performing sectors so far today
Oil Equipment, Services & Distribution 15,912.47 -3.10%
Industrial Metals & Mining 2,222.01 -3.00%
Automobiles & Parts 8,232.33 -2.09%
Industrial Engineering 11,794.72 -1.82%
Oil & Gas Producers 7,509.68 -1.56%

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