FTSE 100 movers: Shell, BP rally on oil price surge; Glencore falls

London’s FTSE 100 was up 0.7% at 7,687.09 in afternoon trade on Monday.

Oil giants Shell and BP were the top gainers on the index as oil prices surged after OPEC+ unexpectedly announced over the weekend that it was planning to cut oil output by 1.1m barrels a day from next month.

Banks also rallied, with Standard Chartered, Barclays, Lloyds, HSBC and NatWest all up.

NatWest was also in focus after the UK government said it has extended plans to sell down its stake in the bank.

Glencore was in the red as Teck Resources said it had received and unanimously rejected an unsolicited takeover approach from the mining firm.

The Canadian diversified natural resources group dismissed the approach as "opportunistic".

The offer from Glencore would see Teck separated to create two businesses, which would expose Teck shareholders to thermal coal and oil trading.

FTSE 100 - Risers

Shell (SHEL) 2,437.00p 5.57%
BP (BP.) 537.50p 5.23%
Centrica (CNA) 109.00p 2.78%
Standard Chartered (STAN) 628.80p 2.38%
Barclays (BARC) 149.18p 2.32%
Imperial Brands (IMB) 1,904.50p 2.17%
Lloyds Banking Group (LLOY) 48.66p 2.07%
HSBC Holdings (HSBA) 559.90p 1.86%
Prudential (PRU) 1,120.00p 1.63%
NATWEST GROUP (NWG) 267.10p 1.33%

FTSE 100 - Fallers

Beazley (BEZ) 580.50p -2.85%
International Consolidated Airlines Group SA (CDI) (IAG) 146.90p -2.70%
Hiscox Limited (DI) (HSX) 1,082.00p -2.43%
United Utilities Group (UU.) 1,036.00p -2.26%
M&G (MNG) 194.15p -1.94%
Severn Trent (SVT) 2,826.00p -1.84%
Glencore (GLEN) 456.35p -1.78%
London Stock Exchange Group (LSEG) 7,730.00p -1.75%
RS Group (RS1) 898.20p -1.73%
Croda International (CRDA) 6,396.00p -1.57%