FTSE 100 jumped as oil majors gain on rising oil prices


The FTSE 100 gained on Tuesday, led by a rise in oil majors as oil prices continued to rise despite US President Joe Biden announcing the US would tap its emergency oil reserves as part of joint effort with other nations to curb energy prices.

At 09:34 the FTSE 100 was up 24.95 points, or 0.34% at 7,291.64.

Quality assurance provider Intertek said revenue grew 6.7% in the July to October period, driven by a boost from acquisitions. Its shares jumped 6.5% £54.94.

Johnson Matthey fell 2.4% to £21.30 after swinging to a first half of loss weighed down by a £314 million write down of assets in its battery materials business as the chemicals company exited the industry.

Looking ahead, the company kept its guidance unchanged and said that the share buyback of £200 million would begin in the new year.

Animal genetics company Genus warned that profit would be 'moderately lower' than expected for 2022 following a lower volumes in China. Its shares fell 13.8% to £45.28.

Luxury brand Mulberry rallied 25% to 326 after swinging to a first-half profit as revenue grew by more than third as the reopening of store in the UK and growth Asia bolstered performance.

Construction materials group Breedon rose 3% to 101.88 pence after upgrading its outlook on profitability after reporting that revenue was up 31% in first 10 months of the 2021 amid 'encouraging' demand levels.