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UK open 0.2% higher as oil price rise boosts Shell, BP

Tuesday, 23rd April 2019
UK stocks opened higher on Tuesday after oil prices were boosted by US moves to end waivers on purchases of Iranian crude.

At 0840, the FTSE 100 was up 16.53 points, or 0.2%, at 7.476.41.

Shell and BP posted the largest blue-chip gains, adding 1.8% and 1.7%, respectively.

British Land shed 0.9% after it exchanged contracts to sell 12 supermarkets from its joint venture with Sainsbury's for £429m to Realty Income Corporation.

Miner and commodities trader Ferrexpo lost 0.6% after it booked a fall in annual profits, as pellet sales were constrained by reduced shipments towards the end of the year.

Martin Sorrell-backed S4 Capital disputed a media report that stated that its MediaMonks unit was facing a legal battle in Holland.

The matter was a dispute between former shareholders of MediaMonks and any involvement of S4 Capital would only be as a witness, the company added. Its shares reversed 0.4%.

Scottish broadcaster STV Group dropped 1.5%, as it guided for a modest rise in first-quarter advertising revenue of between 1% and 2%.

Keywords Studios rose 1.0% on news that it had acquired mobile device games developer Wizcorp for JPY 120m (£825k) from Ankama and Silicon Studio Corporation.

Out-of-hospital services provider Totally added 7.0% after its subsidiary Vocare won a contract with the NHS Newcastle & Gateshead Clinical Commissioning Group worth up to around £13.5m.

Low-cost African airline Fastjet gained 1.8% as its losses narrowed in the fourth quarter thanks to cost cutting.

Upland Resources jumped 13% on announcing that it had received several approaches from oil companies interested in investing in its Saouaf prospect in Tunisia.

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