February 24, 2023

London stocks rise as energy majors gain; set for weekly decline

Summary
Companies

FTSE 100 up 0.3%, FTSE 250 adds 0.1%

Feb 24 (Reuters) – UK shares rose on Friday as energy giants took an early lead supported by higher oil prices, but the stock market was set for a weekly decline.

The blue-chip FTSE 100 (.FTSE) gained 0.3% by 0824 GMT, but the index was set to post about 1% drop for the week.

Energy majors Shell (SHEL.L) and BP (BP.L) were amongst early gainers, rising 0.8% and 1.2% respectively, as oil prices extended gains for a second session, with the prospect of lower exports from Russia offsetting concerns over rising inventories in the United States.

The broader oil and gas sector (.FTNMX601010) rose 1.0%.

The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.1%, as shares of asset manager Jupiter Fund Management (JUP.L) surged 9.6% after its full-year results.

Cineworld Group (CINE.L) cratered 39.4% after the world’s second-biggest cinema chain operator said shareholders’ equity might be wiped out by its plans to exit from Chapter 11 bankruptcy protection after failing to find a buyer for the whole business.

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Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich

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