The FTSE 100 endures a subdued start, down 0.3% to 7,424,93, taking its cue from a lukewarm showing on the Asian market overnight.
Oil prices hit their highest level so far in 2019 as Libyan output is affected by the long-running civil war in the country.
Mike Ashley’s Sports Direct (SPD) says it has offered to underwrite a £150m equity raising by struggling department store Debenhams (DEB).
The sportswear and equipment retailer says the offer was among a number of potential options under consideration regarding Debenhams.
Sports Direct adds it is also continuing to give 'active consideration' to its possible takeover offer for Debenhams at 5p per share.
There is an effective deadline of close of play today for Ashley and the Debenhams board to come to a deal or the lenders are set to take over, with shareholders wiped out. Sports Direct is currently up 0.35% to 282.8p, Debenhams is 7.4% higher at 2.19p.
Luxury car manufacturer Aston Martin Lagonda (AML) slips 5% to 964.3p as Deutsche Bank downgrades its recommendation on the stock from ‘buy’ to ‘hold’.
Oil producer Genel Energy (GENL) gains 1.1% to 206.2p as it appoints Bill Higgs as CEO with immediate effect.
Higgs joined Genel as chief operating officer in October 2017 and has since led on the delivery and expansion of its Kurdistan Region of Iraq oil business.
Equipment rental group Vp (VP.) gains 1.6% to £10.11 as it says it expects its annual results to be 'well ahead' of the prior year and in line with market expectations.
Small cap diamond miner Firestone Diamonds (FDI:AIM) gains 6.1% to 2.18p as it finds a 72 carat yellow, makeable diamond from its Liqhobong Mine in Lesotho.
The 72 carat diamond was recovered over the past weekend, together with a 22 carat makeable white stone, followed by an 11 carat fancy light-pink stone, the company says.
