FTSE 100 movers: BP, Shell gush lower; Intertek gains after results
London's FTSE 100 was down 1% at 8,784.87 in afternoon trade on Tuesday.
Equipment rental firm Ashtead slid despite saying it expects full-year results to rise in line with previous guidance, after a record performance over the first nine months of the year, with rental revenues up 5% and adjusted EBITDA up 3%.
Oil giants BP and Shell gushed lower as oil prices plunged.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Brent crude is now priced at under $71 per barrel as both supply and demand dynamics exert downward pressure on the value of oil. 10% of extra duties on Chinese goods have also come into effect and the potential fall-out of an all-out trade war on energy demand is at the front of traders' minds.
"Meanwhile, OPEC+ has unexpectedly announced that it will re-open the taps on 2.2 million barrels of daily oil production from 1 April."
On the upside, Intertek surged to the top of the index as it hiked its full-year dividend and launched a £350m share buyback programme to reward shareholders after a strong 2024 performance, with results helped by recent acquisitions.
The laboratory testing and certification business also raised its medium-term margin target after achieving its current target faster than expected.
Fresnillo shone as the precious metals miner posted a big jump in full-year sales and operating profits. Revenues rose by 26.9% to $3.64bn and earnings before interest, taxes, depreciation and amortisation by more than double to $1.55bn.
FTSE 100 - Risers
Intertek Group (ITRK) 5,525.00p 7.18%
Fresnillo (FRES) 783.50p 3.91%
Marks & Spencer Group (MKS) 375.00p 2.82%
Severn Trent (SVT) 2,501.00p 2.71%
Tesco (TSCO) 386.70p 2.30%
Coca-Cola HBC AG (CDI) (CCH) 3,426.00p 2.27%
Unilever (ULVR) 4,635.00p 2.12%
GSK (GSK) 1,508.50p 1.96%
British American Tobacco (BATS) 3,152.00p 1.55%
National Grid (NG.) 972.00p 1.55%
FTSE 100 - Fallers
Ashtead Group (AHT) 4,501.00p -6.21%
Smurfit Westrock (DI) (SWR) 3,846.00p -6.10%
BP (BP.) 408.85p -5.52%
International Consolidated Airlines Group SA (CDI) (IAG) 327.10p -5.24%
CRH (CDI) (CRH) 7,654.00p -4.80%
Scottish Mortgage Inv Trust (SMT) 990.00p -4.26%
Barclays (BARC) 297.95p -4.23%
Pershing Square Holdings Ltd NPV (PSH) 4,032.00p -4.18%
IMI (IMI) 1,993.00p -3.91%
Shell (SHEL) 2,557.50p -3.73%
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.