FTSE 100 movers: Oil giants rally; B&M hit by rating downgrade

(Sharecast News) - London's FTSE 100 was up 0.2% at 7,466.64 in afternoon trade on Tuesday. BP and Shell jumped in tandem with oil prices, on news that Saudi Arabia has vowed to extend production cuts through to the end of the year, capping output at 9m bpd in October, November and December.

Neil Wilson, chief market analyst at Markets.com, said: "This was flagged last week to some extent but crude is fetching strong bid on the announcement. Saudis will review monthly on whether to reduce or deepen the cut."

Ashtead was under the cosh after the equipment rental firm reported a record performance in its fiscal first quarter, but cut its forecast for UK growth due to a "softening" market.

B&M European Value Retail was hit by a downgrade to 'underweight' from 'overweight' at JPMorgan Cazenove.

Tesco was also weaker after a downgrade to 'neutral' from 'overweight' by JPM.

B&M was also in focus after agreeing to buy up to 51 Wilko stores from administrators for £13m.

FTSE 100 - Risers

BP (BP.) 511.80p 2.01% Centrica (CNA) 155.85p 1.86% Weir Group (WEIR) 1,896.50p 1.74% InterContinental Hotels Group (IHG) 6,080.00p 1.64% Shell (SHEL) 2,484.00p 1.62% Vodafone Group (VOD) 73.59p 1.57% Admiral Group (ADM) 2,408.00p 1.56% Whitbread (WTB) 3,538.00p 1.52% Beazley (BEZ) 553.00p 1.19% HSBC Holdings (HSBA) 592.30p 1.11%

FTSE 100 - Fallers

Ashtead Group (AHT) 5,322.00p -2.67% B&M European Value Retail S.A. (DI) (BME) 552.60p -2.54% Tesco (TSCO) 259.20p -1.74% Smith & Nephew (SN.) 1,038.50p -1.56% Croda International (CRDA) 5,386.00p -1.50% Anglo American (AAL) 2,107.50p -1.29% Abrdn (ABDN) 161.90p -1.22% Spirax-Sarco Engineering (SPX) 9,896.00p -1.19% Entain (ENT) 1,172.50p -1.14% Diageo (DGE) 3,149.00p -1.04%