Banks propel FTSE 100 higher

A 3% rally in banking stocks Barclays (BARC) and Lloyds (LLOY) kept the FTSE 100 in positive territory after it reached an all-time high of 7,200 in the early hours of trading.

West Texas Intermediate and Brent crude oil ran out of steam as prices dropped by 1.6% to $52.85 and $55.90 per barrel, respectively.

Copper cheapened 0.7% to $5,467 per tonne, while gold glittered at $1,153 per ounce.

FTSE 100 RISERS AND FALLERS

Investors checked into Intercontinental Hotels (IHG) after online rental platform Airbnb moved to curb London users renting out property for more than 90 days a year. The market was optimistic that competitive pressure from Airbnb may start to ease.

London Stock Exchange announced the proposed €550m (£468m) disposal of LCH Clearnet to exchange business Euronext.

LSE's stake in LCH Clearnet was seen as a potential candidate for divestment since LSE received a bid from rival Deutsche Boerse.

FTSE 250 RISERS AND FALLERS

Shares in beverages firm Britvic (BVIC) failed to fizz despite the proposed R$218m (£54m) acquisition of juice business Bela Ischia. The company reported that the acquisition will strengthen its brand portfolio in the growing Brazilian soft drinks market.

BBA Aviation collaborated with Gama Aviation (GMAA) to combine the two companies' business aviation charter units in the US. BBA was taking steps to tidy up its operations since paying $2.1bn (£1.7bn) to buy Landmark Aviation from private equity outfit Carlyle Group in 2015.

BBA also completed the acquisition for part of GE Aviation's avionics business for $61.5m.

Investment management business Man Group (EMG) completed the acquisition of Aalto Invest, which held $1.7bn of funds under management as of 30 September.

SMALL CAP RISERS AND FALLERS

Support vessels provider Gulf Marine Services (GMS) excited the market with a new long-term contract for one of its mid-size class vessels, triggering a 17.3% rally in the stock.

Clean water technology company HaloSource (HALO) surged 35% to 1.2p on a collaboration announcement with Fortune 500 firm Midea. HaloSource's technology will be used to deliver disinfection power in Midea's products without the need for electricity.

Litigation funder Burford Capital (BUR) jumped 6.5% after selling part of one of its portfolio investments at ten times more than the asset is currently being carried on its books.

Managing director Elizabeth O'Connell warned the accounting treatment of these sales was not yet cleared with auditors. Without clearance, it may not enable Burford to recognise the sizeable uplift in book value implied by the transaction.