FTSE 250 movers: OPEC cuts boost oil stocks; NCC under the pump

FTSE 250: 18,889.07, -0.21% at 1400 GMT.

London stocks were still firmly in the black by midday on Monday, with energy heavyweights boosted by surging oil prices.

Over the weekend, OPEC+ unexpectedly announced it would cut oil output by 1.1m barrels a day from next month, pushing oil prices higher.

Danni Hewson, head of financial analysis at AJ Bell, said: "The world needed a spike in oil prices like a hole in the head. Just as one of the pinch points in the global economy had started to ease, Saudi Arabia and its counterparts in OPEC have unveiled a surprise output cut."

"The decision by the oil producers’ cartel, unusually taken outside of any officially scheduled meeting, represents a flexing of its muscles and potentially a pre-emptive move as it anticipates a drop-off in crude demand relating to the collapse of SVB and ensuing banking crisis."

"It is this crisis which has helped box central banks in when it comes to their ability to control inflation as they have to think about their role in preserving financial stability too.

"Rising oil prices imply higher costs of energy, transportation and other areas like plastic."

The move boosted Harbour Energy, North Sea producer Ithaca Energy, Tullow Oil and Energean.

Spirent Communications gained after unveiling a £56m share buyback on Monday.

NCC was under the cosh again, having crashed on Friday after a profit warning.

FTSE 250 - Risers

Harbour Energy (HBR) 296.10p 7.91%
Hunting (HTG) 251.50p 6.57%
Ithaca Energy (ITH) 159.10p 6.42%
Tullow Oil (TLW) 33.54p 6.34%
Energean (ENOG) 1,367.00p 4.99%
Aston Martin Lagonda Global Holdings (AML) 237.00p 3.81%
Urban Logistics Reit (SHED) 132.00p 3.13%
Warehouse Reit (WHR) 104.80p 2.54%
Spirent Communications (SPT) 177.70p 2.54%
Wood Group (John) (WG.) 204.60p 2.30%

FTSE 250 - Fallers

NCC Group (NCC) 95.50p -6.56%
Man Group (EMG) 222.60p -5.44%
Vanquis Banking Group 20 (VANQ) 226.00p -4.72%
Wizz Air Holdings (WIZZ) 2,848.00p -4.20%
Future (FUTR) 1,120.00p -3.36%
Carnival (CCL) 710.40p -3.24%
Kainos Group (KNOS) 1,341.00p -2.97%
Lancashire Holdings Limited (LRE) 537.50p -2.71%
Helios Towers (HTWS) 101.70p -2.59%
Telecom Plus (TEP) 1,842.00p -2.54%