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FTSE heads back towards 7,400 as oil surges on tanker explosion

Thursday, 13th June 2019
The FTSE 100 was up 0.3% at 7,391.66 on Thursday as oil prices surged on a suspected tanker attack in the Gulf of Oman, though UK oil majors Royal Dutch Shell and BP were largely unmoved.

Ferguson gained 6.5% on news that activist investor Nelson Peltz's Trian Fund Management had acquired a stake of about 6% in the plumbing products distributor.


Tesco rose was resilient, up 0.1%, despite sales growth in its core UK business slowing in the first quarter, as investors were seemingly pleased that the supermarket had outperformed a 'subdued' grocery market.

Morrisons rose 1.3% after the supermarket announced that it scale up its delivery partnership with Amazon, expanding their online groceries platform to new cities throughout the UK British American.

Packaging firm DS Smith gained 5.4% to as it reported a 35% increase in pre-tax profit for the 12 months to 30 April, although organic corrugated box volume growth did ease in the second half after a strong first half. Personal healthcare product manufacturer PZ Cussons fell 2.9% despite leaving its full-year profit expectations unchanged amid disappointing performance in Africa.

Retirement products company Just Group surged 15% after it said it would target further cost cuts in its US care business and UK income drawdown as part of a plan to achieve capital self-sufficiency by 2022.

Cineworld fell 2.8% after it completed an additional sale and leaseback transaction relating to 18 US-based multi-screen cinemas totalling 255 screens for $270m.


Alongside in line full year results wine retailer Majestic Wine revealed the costs of a strategic shake up, including a shift to being online-only. Its shares fell 6.8%.

Model train maker Hornby fell 2.6% despite reporting narrower losses as its turnaround measures helped slash costs and improve margins offsetting a fall in revenues.

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