FTSE 250 movers: Cairn Energy, Weir Group pace gains
Weir Group and Cairn Energy were among the top performers on the second-tier index on Tuesday as front month Brent crude oil climbed to its highest level in three weeks and West Texas Intermediate crude oil futures extended their recent rally with a 20% jump.
Stoking the rise in oil prices, analysts at Morgan Stanley believed the glut of oil in storage had hit its peak and Chinese demand was showing signs of life, Bloomberg reported.
In another boost for the oil patch, overnight multiple US shale oil producers operating in the Permian basin announced reductions in their output levels.
FTSE 250 (MCX) 16,101.37 0.94%
FTSE 250 - Risers
IP Group (IPO) 56.50p 6.60%
Pets at Home Group (PETS) 251.40p 5.99%
TI Fluid Systems (TIFS) 168.00p 5.93%
Weir Group (WEIR) 946.00p 5.82%
Hyve Group (HYVE) 20.30p 5.73%
Computacenter (CCC) 1,512.00p 5.22%
OneSavings Bank (OSB) 241.80p 5.13%
Serco Group (SRP) 133.00p 4.97%
LondonMetric Property (LMP) 191.70p 4.93%
Bodycote (BOY) 583.00p 4.67%
FTSE 250 - Fallers
Marston's (MARS) 33.42p -5.33%
Equiniti Group (EQN) 153.60p -4.36%
C&C Group (CCR) 185.60p -4.33%
Capita (CPI) 35.40p -4.01%
Mitchells & Butlers (MAB) 159.00p -3.99%
Marks & Spencer Group (MKS) 87.32p -3.68%
Bakkavor Group (BAKK) 72.30p -3.60%
Gamesys Group (GYS) 868.00p -3.34%
Babcock International Group (BAB) 391.80p -3.28%
Oxford Instruments (OXIG) 1,198.00p -3.23%