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FTSE 100 up 0.2% powered by oil and Rolls-Royce

By the close the FTSE 100 was up 0.17% to 7,063.40 as oil stocks and Rolls-Royce rallied but mounting concern about the energy crisis hit sentiment.

In the US the S&P 500 was down 0.2% to 4,448.09 by 4.30pm UK time.

Brent crude rose 62c on Monday to $78.71 a barrel, while WTI crude rose 71c to $74.69.

Domestic oil companies were boosted by the news, even as a fuel-shortage crisis in Britain worsens, with BP up 3.3% to 330.8p and Shell up 4.4% to £15.95.

Elsewhere, insurer Prudential added 2.9% to £14.32 as it set an offer price for its Hong Kong capital raising that would see it raise around $2.4 billion, including underwriting fees and other expenses.

New shares in Prudential would be offered at HK$143.80 ($18.47) each, the company said, providing more details of a raising that it first flagged on 20 September.

Aeronautical engineer Rolls-Royce ascended 11.1% to 147.1p on news that had struck a deal with the US Air Force that would see it power its B-52 bombers for 30 years.

Rolls-Royce said it had been selected to provide the powerplant for the B-52 Stratofortress under the so-called Commercial Engine Replacement Program.

Generic drug maker Hikma Pharmaceuticals rose 1.5% to £24.22, having agreed to acquire injectables group Custopharm from Water Street Healthcare Partners for up to $425 million.

Hikma said the deal would further strengthen its US injectables business, by adding an attractive portfolio of marketed products and a pipeline of future opportunities.

Water supplier United Utilities fell 1.5% to 992.8p after guiding for a higher first-half underlying operating profit, as people working from home during the pandemic continued to use more water.

United Utilities, however, added that it expected its underlying net finance expense to be about £25 million higher year-on-year, citing higher inflation applied to its index-linked debt.

Office investor Workspace firmed 1.3% to 877p following news that it had exchanged contracts to acquire Stapleton House, also known as 'The Old Dairy', in Shoreditch, London for £43.4 million.

Cloud computing group Beeks Financial Cloud jumped 11.4% to 190p, having lifted its revenue outlook following three contract wins in the first quarter.

Beeks now anticipated revenues for the year ended 30 June 2022 would be ahead of current market expectations.

Location data group 1Spatial rallied 7.6% to 44.1p after it won an £8 million contract to deliver a digital transformation programme for a UK government department.

The five-year contract had been awarded following a competitive tender, in partnership with a consortium.