FTSE 100 Gains Ground as BP and Shell Shares Climb

The FTSE 100 has risen 0.4% on Monday morning, showing resilience despite persistent investor concerns over the conflict in the Middle East.

The FTSE 250 also inched higher, up 0.1%. Across Europe, the DAX has gained 0.1%, while the CAC 40 slipped 0.1%.

Oil prices continued to rise, with Brent crude trading above $105 and WTI also firmer, adding fresh pressure to the cost-of-living outlook.

In corporate news, AstraZeneca announced that its cancer therapy Imfinzi (durvalumab), combined with standard-of-care FLOT chemotherapy, has been approved in the European Union for treating adults with resectable early-stage and locally advanced gastric and gastroesophageal junction cancers.

Standard Life edged about 0.2% lower after reporting its annual results, citing strong operating momentum and what it described as “excellent progress” against its three-year strategy.

Segro, which owns, manages and develops modern warehouses, released a data-centre programme update, confirming the signing of a new powered-shell pre-let at the Slough Trading Estate and planning approval for its first fully fitted data centre.

Meanwhile, the top FTSE 100 risers so far this morning are BP, up 1.8%, Kingfisher, up 1.6%, and Pershing Square Holdings, up 1.5%. Shell has also gained, climbing around 1.1%. Leading fallers were Fresnillo, down 1.3%, IAG, down 1.2%, and Rightmove, down 0.9%.

In the mid-cap index, Savills jumped 5.4%, while Shawbrook Group fell 3.8%, making it the biggest FTSE 250 laggard.