FTSE 100 movers: Babcock, M&S in the black
London's FTSE 100 was up 0.4% at 8,696.74 in afternoon trade on Wednesday.
Oil giants Shell and BP gushed higher.
BP said earlier that it has finalised a deal with Iraq to redevelop several giant oil fields in Kirkuk, in the north of the country.
The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent (boe), BP said.
Defence firm Babcock gained as it said it has been awarded a five-year contract extension with the Ministry of Defence worth around £1bn.
The extension to the existing DSG Service Provision and Transformation Contract (SPTC) will deliver a comprehensive range of support capabilities for the Army in the UK with global reach.
Babcock said that through the course of the extension, it will deliver improved readiness, regeneration and asset management services "underpinned by extensive engineering and supply chain expertise".
Marks & Spencer was also in the black after JPMorgan upgraded its JV partner Ocado to 'overweight' from 'neutral' and lifted the price target to 400p from 340p.
The bank said that having been either 'neutral' or 'underweight' on Ocado since 2018, it is revisiting the investment case and has identified "several reasons to be more optimistic", as many of its previous concerns are beginning to dissipate.
FTSE 100 - Risers
Shell (SHEL) 2,841.00p 2.75%
Rentokil Initial (RTO) 355.40p 1.78%
BP (BP.) 449.65p 1.75%
Beazley (BEZ) 899.50p 1.58%
Hiscox Limited (DI) (HSX) 1,189.00p 1.54%
Babcock International Group (BAB) 743.50p 1.50%
Marks & Spencer Group (MKS) 337.20p 1.41%
Next (NXT) 9,918.00p 1.25%
Prudential (PRU) 837.20p 1.23%
National Grid (NG.) 974.80p 0.99%
FTSE 100 - Fallers
Antofagasta (ANTO) 1,880.00p -2.39%
Admiral Group (ADM) 2,838.00p -1.87%
Smiths Group (SMIN) 1,987.00p -1.63%
GSK (GSK) 1,463.50p -1.51%
easyJet (EZJ) 482.30p -1.37%
Flutter Entertainment (DI) (FLTR) 18,375.00p -1.29%
Imperial Brands (IMB) 2,704.00p -1.28%
AstraZeneca (AZN) 11,174.00p -1.25%
Standard Chartered (STAN) 1,184.00p -1.17%
Experian (EXPN) 3,584.00p -1.08%
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.