FTSE 100 movers: Oil majors gush higher; Abrdn slumps on results

London’s FTSE 100 was up 0.1% at 7,493.16 in afternoon trade on Tuesday.

BP and Shell jumped to the top of the index as oil prices shot higher after Russia said that oil exports to Europe through the southern leg of the Druzhba pipeline had been suspended since early August because sanctions from the West had prevented it from receiving transit fees from Moscow.

Banks were also on the rise, with Standard Chartered and HSBC sharply higher.

On the downside, asset manager Abrdn slumped after it posted a drop in first-half profit and revenue and struck a cautious note on the outlook.

Adjusted pre-tax profit fell to £99m from £163m in the same period a year ago, while adjusted operating profit slid 28% to £115m and fee-based revenues were down 8% to £696m. Abrdn said this was driven by market movements.

On an IFRS basis, the company swung to a pre-tax loss of £320m from a profit of £113m.

Chief executive officer Stephen Bird said: "We are continuing to deliver on our priorities and whilst the external market environment has worsened and it will likely take us longer to deliver our targets, it is the right strategy and we have the team and the capital resources to execute it well."

FTSE 100 - Risers

BP (BP.) 423.85p 1.81%
Shell (SHEL) 2,199.50p 1.76%
Standard Chartered (STAN) 617.60p 1.71%
HSBC Holdings (HSBA) 553.20p 1.41%
Harbour Energy (HBR) 364.70p 1.39%
Hargreaves Lansdown (HL.) 962.40p 1.37%
BT Group (BT.A) 161.05p 1.16%
Pearson (PSON) 889.20p 1.05%
British American Tobacco (BATS) 3,302.00p 0.98%
Vodafone Group (VOD) 122.18p 0.96%

FTSE 100 - Fallers

Abrdn (ABDN) 164.75p -4.74%
Entain (ENT) 1,280.50p -3.29%
Halma (HLMA) 2,209.00p -2.39%
Scottish Mortgage Inv Trust (SMT) 896.00p -2.31%
Mondi (MNDI) 1,481.00p -2.31%
RS Group (RS1) 1,016.00p -2.21%
SEGRO (SGRO) 1,039.00p -2.17%
JD Sports Fashion (JD.) 130.70p -2.13%
Rightmove (RMV) 640.40p -2.11%
Flutter Entertainment (CDI) (FLTR) 8,682.00p -2.01%