The FTSE 100 is off to a steady start in early trading, up 0.2% to 7,419.26 buoyed by oil stocks.
Due to concerns over oil supply disruptions thanks to the increasingly tense standoff between the US and Iran, two of the world’s biggest oil exporters, prices of the most-traded futures in crude oil have been pushed higher.
That spells good news for the likes of Shell (RDSB) and BP (BP.), with the former seeing its share price rise 0.6% to £25.99. While the BP price jumped to 558.5p first thing, its shares have come off since but are still marginally higher on the day.
Further down the market Nostrum Oil & Gas (NOG) is also a winner, with its shares rising 5.7% to 59.5p, as it reveals it has begun a 'strategic review to optimise its value', which could include the ultimate sale of the company.
Elsewhere, shares in British Airways owner International Consolidated Airlines (IAG) are down 0.6% to 458p after it announced its intention to repurchase its €500m convertible bonds which are due to mature next year.
Chemicals company Victrex’s (VCT) shares drop 0.4% to £21.96 as it announces that executive director Tim Cooper will be stepping down from the board and leaving the company at the end of September after 10 years at the firm.
Victrex said it had no plans to replace him and his responsibilities will be taken on by the other executive directors.
Shares in struggling construction company Kier (KIE) are down 2.8% to 116p following reports over the weekend that its directors received 70% pay rises over the three years to June 2018.
Kier has had to cut 1,200 jobs as it tries to cut costs, and is actively looking to sell off some of its divisions as it attempts to regain control of its debt, which stands at £420-450m, more than double its current market value.
At the smaller end of the stock market, there is a rare case of a high street business that is actually expanding. AIM-listed Cake Box (CBOX:AIM) continues to grow as it reports a rise in full-year sales and earnings, boosted by new store openings.
The market also likes the store-opening plan for this year which points to 24 new outlets on top of the 113 existing stores. Shares gain 3% to 172p.
