The FTSE 100 has hit nine-week highs of around 7,450 points as Saudi denials of an imminent increase in crude oil production sent stocks in oil majors up sharply. Volatility in the crude markets has prompted Shell to call for a price backstop to give it a buffer in case oil and gas prices suddenly drop sharply in future.
Elsewhere Tesco is now rationing the number of eggs each customer can buy due to supply issues caused by an outbreak of avian flu. Three boxes are the limit in line with restrictions imposed by Asda and Lidl last week.
Over in the US pharma giant GSK has started to withdraw bone marrow treatment Blenrep after a clinical trial in the country proved to be a flop.
White goods retailer AO World has forecast full-year underlying earnings before tax of up to £30mln despite reporting increased interim losses and falling revenues. Shares in the company jumped 13% on the update.
In small caps, diagnostics group DeepVerge expects to save up to £2mln through an “accelerated” restructuring of its two main businesses, Modern Water and Skin Trust Club.
And Condor Gold has appointed a broker to find a buyer for its La India gold project. A recent study suggested over 81,500 ounces of gold would be produced by the mine over the next six years.