FTSE 100 movers: Energy stocks jump as oil rallies; Pearson gives back some gains

London’s FTSE 100 was up 2.3% to 5,903.53 at 1435 GMT, as investors welcomed signs that more monetary stimulus from the European Central Bank may be on the cards and amid stronger oil prices.

Energy stocks put in a stellar performance on Friday as oil prices rallied, trading comfortably above $30 a barrel. West Texas Intermediate was up 4.9% to $30.98 while Brent crude was 6% higher at $31.00.

Meanwhile, Chile-based copper miner Antofagasta was firmly in the black after Citigroup resumed coverage on the stock after a restriction period, upgrading it to ‘buy’ from ‘sell’, having been a seller since 2012.

The bank noted the stock has lost around 75% of its value over the past three years and is relatively unique within the mining sector on account of its strong balance sheet, ability to self-fund at spot prices, and pure exposure to a structurally deficit commodity.

On the downside, education publisher Pearson was under pressure following bumper gains in the previous session, which saw the stock end up just over 11% as investors welcomed its new restructuring plan.

Although the company warned on profits, investors were relieved that it appeared to be getting its house in order.

"With this three-year plan supported by the full board, and, in our view, offering a realistic prospect of a return to growth, we think the share price should steadily recover some of its lost ground on improved confidence,” Societe Generale said.

Elsewhere, Marks & Spencer was a touch weaker after Exane BNP Paribas downgraded the stock to ‘neutral’ from ‘outperform’ and cut the price target to 465p from 580p.

Exane said the revolution of the M&S supply chain, logistics and technology has driven two yeas of P&L stabilisation, with margins improved and market share sacrificed.

It said while there is more margin to go for, gains are likely to slow, and this part of the investment case now looks better understood.

“That leaves M&S more reliant on revenue momentum, and with structural trends accelerating, and real estate flexibility still limited, we (admittedly six months too late) move to the sidelines to await news of the next phase under new management.”

Risers

Royal Dutch Shell 'B' (RDSB) 1,387.50p 5.23%
Royal Dutch Shell 'A' (RDSA) 1,384.50p 5.17%
BG Group (BG.) 980.00p 5.07%
Sports Direct International (SPD) 417.20p 4.88%
Hikma Pharmaceuticals (HIK) 1,986.00p 4.36%
Antofagasta (ANTO) 381.00p 4.27%
Wolseley (WOS) 3,489.00p 3.72%
BP (BP.) 354.65p 3.62%
Lloyds Banking Group (LLOY) 66.93p 3.45%
Aberdeen Asset Management (ADN) 233.00p 3.23%

Fallers

Pearson (PSON) 742.00p -3.89%
Anglo American (AAL) 240.10p -3.19%
Marks & Spencer Group (MKS) 415.50p -0.48%
Persimmon (PSN) 1,899.00p -0.26%
Carnival (CCL) 3,614.00p -0.14%
Barratt Developments (BDEV) 566.00p 0.00%
Taylor Wimpey (TW.) 179.50p 0.06%
Coca-Cola HBC AG (CDI) (CCH) 1,368.00p 0.15%
United Utilities Group (UU.) 912.50p 0.16%
easyJet (EZJ) 1,634.00p 0.25%