London midday: Oil price weakness keeps FTSE 100 in the black

(Sharecast News) - London shares remained on the front foot at midday on Monday, despite weak trading in Asia, as investors digested a fall in oil prices and looked ahead to this week's Budget.

As at noon GMT, the FTSE 100 was up 0.48% at 10,741.82, while international benchmark Brent crude was down 1% at $115.07 a barrel and West Texas Intermediate was 2% lower at $101.18. Oil prices had spiked at the end of last week amid growing fears Donald Trump would resume US attacks on Iran after the mid-term elections. But they eased off highs during Monday trading ahead of Tehran hosting senior officials from Saudi Arabia, Pakistan and Turkey for talks about regional security.

In an interview with Iranian state television, Ali Bagheri Kani, deputy secretary of Iran's Supreme National Security Council, said this week's visit could mark the beginning of efforts to build "a region characterised by stability, calm and progress", although he did not provide any further details. The continuing recovery in exports from the Middle East further supported the softening in oil prices.

Weaker crude helped lift British Airways-parent International Consolidated Airlines Group, and sent oil majors BP and Shell lower.

Investors were also looking towards this week's Budget, the first from recently installed prime minister Andy Burnham and his chancellor John Healey. It is widely expected that Healey is set to announce a rise in the full state pension, which could drag around 1m pensioners into paying income tax. To avoid that, the Treasury is set to announce a rise in the tax-free allowance for low-income pensions to £13,036.

Russ Mould, AJ Bell's investment director, said: "The FTSE 100 made a solid start to Budget week, as oil prices eased back and despite weak trading across Asia. The key yardsticks for how markets are feeling about Healey standing at the despatch box - the pound and gilts - are holding steady two days out.

"The political situation is more volatile in Brazil, where the surprise victory of incumbent Luiz Inacio Lula da Silva in a knife-edge presidential election over his opponent Flavio Bolsonaro - perceived as more market-friendly - putting futures in Brazilian currency, bond and equity markets under pressure."

Amid British corporate news, shares in Computacenter soared after the technology and services provider said it had delivered another strongerthanexpected quarter and lifted fullyear guidance. Computacenter reported an "excellent" thirdquarter showing, with technology sourcing revenues continuing to grow sharply, driven by hyperscale and neocloud demand in North America and the UK. Services revenue also rose yearonyear, as solid organic growth in professional services more than offset a decline in managed services.

Outside of the top flight, and Man Group announced it was expanding its strategic relationship with Japan's Meiji Yasuda Insurance Company, nearly two years after the partnership was first announced. The insurer will increase its capital commitment to the British investment firm's investment strategies to ¥200bn (£940m) over the next three years, with a particular focus on private credit. The two will also work together to develop new products for the Japanese market.

Plus500 was also higher, after it confirmed full-year revenues and earnings were on course to beat market expectations, following a bumper third quarter during which the fintech expanded its global reach and product suite.

Also higher was Molten Ventures, after the venture capital firm - a specialist in high-growth tech companies - reported a significant uptick in net asset value per alongside a number of successful exits during the first half.

Market Movers

FTSE 100 (UKX) 10,737.41 0.44%

FTSE 250 (MCX) 24,521.03 1.17%

techMARK (TASX) 6,287.18 1.02%

FTSE 100 - Risers

Computacenter (CCC) 5,100.00p 11.11%

Babcock International Group (BAB) 981.60p 4.41%

International Consolidated Airlines Group SA (CDI) (IAG) 409.60p 3.90%

3i Group (III) 2,376.00p 3.72%

Antofagasta (ANTO) 3,155.00p 3.51%

Melrose Industries (MRO) 467.40p 3.40%

Rolls-Royce Holdings (RR.) 1,201.00p 3.35%

Diploma (DPLM) 7,115.00p 3.12%

InterContinental Hotels Group (IHG) 165.85p 3.07%

Anglo American (AAL) 3,746.00p 3.05%

FTSE 100 - Fallers

Experian (EXPN) 2,999.00p -3.35%

BP (BP.) 623.90p -2.29%

Shell (SHEL) 3,960.50p -1.67%

London Stock Exchange Group (LSEG) 9,360.00p -1.58%

Smith & Nephew (SN.) 1,134.50p -1.39%

SSE (SSE) 2,490.00p -1.23%

Relx plc (REL) 3,000.00p -1.22%

The Sage Group (SGE) 1,175.00p -1.05%

Tesco (TSCO) 532.20p -1.04%

Autotrader Group (AUTO) 536.60p -1.03%

FTSE 250 - Risers

Michael Page (PAGE) 218.20p 5.41%

Domino's Pizza Group (DOM) 227.40p 4.79%

WH Smith (SMWH) 439.60p 4.77%

NCC Group (NCC) 172.80p 4.73%

Man Group (EMG) 329.00p 4.72%

SSP Group (SSPG) 186.70p 4.13%

IP Group (IPO) 72.50p 3.72%

Genuit Group (GEN) 262.60p 3.62%

THG (THG) 41.10p 3.53%

Seraphim Space Investment Trust (SSIT) 181.20p 3.46%

FTSE 250 - Fallers

Utilico Emerging Markets Ltd (DI) (UEM) 275.00p -5.17%

Trustpilot Group (TRST) 261.60p -2.24%

JPMorgan Emerging Markets Growth & Income (JMGI) 154.20p -1.54%

Playtech (PTEC) 368.00p -1.29%

Diversified Energy Company (DI) (DEC) 1,088.00p -1.27%

EnQuest (ENQ) 31.45p -0.94%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,324.00p -0.90%

Personal Assets Trust (PNL) 551.00p -0.72%

Ashmore Group (ASHM) 220.20p -0.63%

CVS Group (CVSG) 1,305.00p -0.61%