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FTSE loses early momentum but oil stocks retain gains

Mon, 27th Sep 2021

The FTSE 100 lost some of its early momentum by midday to trade flat at 7,054.35. Brent crude rose 62c on Monday to $78.71 a barrel, while WTI crude rose 71c to $74.69. Domestic oil companies were boosted by the news, even as a fuel-shortage crisis in Britain worsens, with BP up 2.0% to 326.70 and Shell up 2.4% to £15.656 Elsewhere, insurer Prudential added 3.3% to £14.3719 as it set an offer price for its Hong Kong capital raising that would see it raise around $2.4 billion, including underwriting fees and other expenses. New shares in Prudential would be offered at HK$143.80 ($18.47) each, the company said, providing more details of a raising that it first flagged on 20 September. Aeronautical engineer Rolls-Royce ascended 4.3% to 138.19p on news that had struck a deal with the US Air Force that would see it power its B-52 bombers for 30 years. Rolls-Royce said it had been selected to provide the powerplant for the B-52 Stratofortress under the so-called Commercial Engine Replacement Program. Generic drug maker Hikma Pharmaceuticals rose 1.7% to £24.26, having agreed to acquire injectables group Custopharm from Water Street Healthcare Partners for up to $425 million. Hikma said the deal would further strengthen its US injectables business, by adding an attractive portfolio of marketed products and a pipeline of future opportunities. Water supplier United Utilities edged up 1p to £10.085 on guiding for a higher first-half underlying operating profit, as people working from home during the pandemic continued to use more water. United Utilities, however, added that it expected its underlying net finance expense to be about £25 million higher year-on-year, citing higher inflation applied to its index-linked debt. Office investor Workspace firmed 2.2% to 885p following news that it had exchanged contracts to acquire Stapleton House, also known as 'The Old Dairy', in Shoreditch, London for £43.4 million. Cloud computing group Beeks Financial Cloud jumped 8.5% to 185p, having lifted its revenue outlook following three contract wins in the first quarter. Beeks now anticipated revenues for the year ended 30 June 2022 would be ahead of current market expectations. Location data group 1Spatial rallied 9.3% to 44.8p after it won an £8 million contract to deliver a digital transformation programme for a UK government department. The five-year contract had been awarded following a competitive tender, in partnership with a consortium. Story provided by

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