FTSE 100 movers: Big Oil, Banks pace gains
By Alexander Bueso
Date: Tuesday 19 Apr 2022
(Sharecast News) - Oil majors BP and Shell and shares in the biggest UK banking groups lifted the top-flight index in a seesaw session following increasingly loud talk over the long weekend about Europe's need to wean itself off Russian energy exports.
"The economic hit from [closing off Russian gas supplies] will not be small and poses a major risk to the struggling economies of the continent," said IG chief market analyst Chris Beauchamp.
"While the calls to cut off Russian supplies are understandable, it boosts the already not-insubstantial risk of a recession in the near future, reducing the limited attractiveness of Europe yet further."
At the weekend, Italian prime minister, Mario Draghi, reportedly told Corriere della Sera that diversifying supplies was "possible and feasible relatively quickly, shorter than we imagined just a month ago."
Despite that, Brent crude oil and TTF gas futures were trading broadly lower on Tuesday. Some market commentary attributed the decline in gas futures to warmer weather and indications that Moscow did not expect to be pain roubles until May.
Shares of NatWest Group, StanChart, HSBC and Lloyds meanwhile were boosted by the continuing rise in longer-term government bond yields, not least across the Pond in the US.
Market Movers
FTSE 100 (UKX) 7,613.00 -0.04%
FTSE 100 - Risers
Smith & Nephew (SN.) 1,235.00p 3.39%
Ferguson (FERG) 10,285.00p 2.64%
Shell (SHEL) 2,249.75p 2.63%
Royal Mail (RMG) 337.40p 2.52%
B&M European Value Retail S.A. (DI) (BME) 547.40p 1.82%
Tesco (TSCO) 270.80p 1.69%
Smurfit Kappa Group (CDI) (SKG) 3,194.00p 1.69%
Rolls-Royce Holdings (RR.) 94.92p 1.59%
Sainsbury (J) (SBRY) 245.40p 1.49%
Endeavour Mining (EDV) 2,066.00p 1.47%
FTSE 100 - Fallers
Intermediate Capital Group (ICP) 1,618.50p -4.32%
ITV (ITV) 74.30p -3.53%
Intertek Group (ITRK) 4,933.00p -2.93%
Informa (INF) 600.40p -2.88%
Croda International (CRDA) 7,378.00p -2.84%
JD Sports Fashion (JD.) 143.70p -2.58%
London Stock Exchange Group (LSEG) 7,950.00p -2.45%
Rentokil Initial (RTO) 516.00p -2.42%
Rightmove (RMV) 622.00p -2.39%
Diageo (DGE) 3,878.00p -2.16%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN