Oil prices climb on potential output cuts

The FTSE gained momentum thanks to a rise in oil prices on hopes that output cuts would continue.

Brent crude oil rallied over 1% to $53 per barrel.

A mixture of stronger insurers, miner and housebuilders also contributed, pushing the index 0.4% higher to 7,467.

Gold and copper were flat at $1,251 per ounce and $5,577 per tonne.

OVERSEAS MARKETS

Wall Street bounced back from previous weakness this week when the market panicked about the future of US President Donald Trump's presidency.

The renewed optimism was thanks to positive employment data and a potential move to loosen internet regulations, helping the S&P 500 to close 0.4% higher on Thursday.

Markets in Asia stabilised on Friday.

FTSE 100 RISERS AND FALLERS

Generics pharma firm Hikma (HIK) lowered its revenue guidance due to a delay in the approval in its version of GlaxoSmithKline's (GSK) Advair Diskus. Group revenue guidance was $2bn to $2.1bn, which triggered a 4.7% drop to £16.19.

SMALL CAP RISERS AND FALLERS

Nightclub chain Revolution Bars (RBG) collapsed 36.3% to 129.9p as it warned cost headwinds would be more than expected in the current year.

Men's clothing specialist Moss Bros (MOSB) was not in demand as it revealed a dip in like-for-like hire sales in the 15 weeks to 13 May. Its gross margins were also under pressure thanks to competitive discounting, causing the stock to fall 5.5%.

Magazine publisher Future (FUTR) was a page turner for investors as it jumped from a loss of £0.3m to a first-half pre-tax profit of £0.9m. The stock rose 13.2% to 203.6p.

The market was impatient with Solo Oil (SOLO) as it reviewed options to monetise a portion of the Ruvuma PSC development of the Ntorya gas condensate discovery to fund future participation in the licence. Shares in the oil and gas investment company fell 10.5%.

Pipehawk (PIP) received a further rejection of its resubmitted application for funding to assist with the marketing and distribution of its eSafe product. The company said it would re-submit applications for future funding rounds until it was apparent that it had little chance of getting the money. Investors were unimpressed and marked the stock 13% lower to 4.5p.

Egdon Resources (EDR) announced the Environment Agency issued a variation of Egdon's mining waste permit for its planned Wressle oil field in North Lincolnshire. The permit was a key regulatory approval in the development and supported a previous planning application in April. Shares in the production business were up 4.8% to 8.6p.

Nyota (NYO) soared 31.9% on the news that it formally requested to be removed from Australia's stock market ASX.