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Energy stocks push FTSE 100 higher; Cineworld slumps

10/05/2020 | 12:03pm EST
Pedestrians leave and enter the London Stock Exchange in London

(Reuters) - London's FTSE 100 rose on Monday, lifted by oil stocks as crude prices jumped after doctors treating U.S. President Donald Trump for COVID-19 hinted that he was doing well, while Cineworld fell sharply after it said it was considering temporarily closing all U.S. and UK screens.

The blue-chip index rose for a third consecutive session to hit its highest level since Sept. 18, led by gains in oil majors BP and Royal Dutch Shell. The mid-cap FTSE 250 index rose 1.1%.

"Investors are focusing on the broader picture right now with sentiment turning slightly positive on anticipation of fresh U.S. stimulus," said David Madden, an analyst at CMC Markets. "However, traders will remain cautious until there is more clarity on the U.S. presidential election."

Also aiding the mood, the final services sector data for September showed Britain's economy proved more resilient than initially thought despite a tightening of lockdown restrictions and an end to a temporary government subsidy for businesses.

Shares of Cineworld slumped 36.2% after the world's second-biggest cinema operator said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases.

Engineering company Weir Group Plc gained 15.9% after it said it had agreed to sell its oil and gas division to U.S. heavy equipment maker Caterpillar Inc for $405 million in cash.

Shares of the telecom operator Vodafone rose 4.7% after it said on Monday that it received concent for a security package from its lenders, which was a requirement to complete the merger of Indus Towers with Bharti Infratel.

(Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu and Gareth Jones)

By Shashank Nayar

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI INFRATEL LIMITED 4.07% 224.8 Delayed Quote.-14.46%
BP PLC 4.74% 267.15 Delayed Quote.-45.92%
CATERPILLAR INC. 0.35% 173.87 Delayed Quote.17.54%
CINEWORLD GROUP PLC 2.84% 63.76 Delayed Quote.-71.70%
CMC MARKETS PLC -4.40% 380.5 Delayed Quote.171.49%
LONDON BRENT OIL 1.52% 47.96 Delayed Quote.-27.74%
MSCI UNITED KINGDOM (STRD, UHD) 1.04% 1009.276 Real-time Quote.-17.73%
ROYAL DUTCH SHELL PLC 2.76% 15.134 Delayed Quote.-43.71%
THE WEIR GROUP PLC -2.63% 1664.5 Delayed Quote.13.25%
VODAFONE GROUP PLC 1.29% 127.06 Delayed Quote.-14.53%
WTI 1.78% 44.93 Delayed Quote.-26.33%
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