FTSE 100 movers: Oil giants gush higher, NatWest jumps
By Michele Maatouk
Date: Monday 07 Oct 2024
(Sharecast News) - London's FTSE 100 was up 0.3% at 8,303.60 in afternoon trade on Monday.
Shell and BP were among the top gainers as oil prices continued to rise due to the conflict in the Middle East.
Separately, Shell was in focus as it posted a sharp drop in third-quarter refining profit margins.
Meanwhile, BP was in the stoplight after Reuters reported that the oil giant has abandoned a target to cut oil and gas output by 2030 as chief executive Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence.
NatWest was the standout performer on the index. Russ Mould, investment director at AJ Bell, pointed to the latest Halifax house price data out earlier, which showed that prices rose in September for the third month in a row and were close to record highs.
"A pick-up in housing market activity should drive more business to mortgage lenders, hence why the likes of NatWest and Lloyds were among the top risers on the FTSE 100," he said.
FTSE 100 - Risers
NATWEST GROUP (NWG) 353.10p 3.09%
Shell (SHEL) 2,631.00p 2.08%
GSK (GSK) 1,485.50p 1.78%
BT Group (BT.A) 146.85p 1.63%
Mondi (MNDI) 1,433.00p 1.60%
Convatec Group (CTEC) 224.80p 1.54%
BP (BP.) 423.10p 1.50%
Prudential (PRU) 719.60p 1.50%
Standard Chartered (STAN) 840.20p 1.47%
Phoenix Group Holdings (PHNX) 523.00p 1.36%
FTSE 100 - Fallers
Haleon (HLN) 375.80p -2.79%
Melrose Industries (MRO) 452.20p -1.70%
Barratt Redrow (BTRW) 474.00p -1.68%
Vistry Group (VTY) 1,290.00p -1.60%
Hiscox Limited (DI) (HSX) 1,120.00p -1.58%
Fresnillo (FRES) 626.00p -1.57%
JD Sports Fashion (JD.) 136.50p -1.55%
Persimmon (PSN) 1,637.50p -1.33%
Smith & Nephew (SN.) 1,122.50p -1.28%
Rentokil Initial (RTO) 360.10p -1.13%
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