Sector movers: Financials, oil pace advance

The 2016 Budget left analysts divided about whether the Chancellor would be able to meet his targets for reducing the public deficit in this parliament, but for diversified financials St.James’s Place and Hargreaves Lansdown the new measures he unveiled were a clear positive, according to analysts.

From April 2017 savers in the UK would have access to a new hybrid financial product known as a Lifetime ISA meant to incentivise people to save for pensions and home ownership, George Osborne announced.

The annual limit for individuals was set at a maximum of £4,000, with Osborne promising the government would top it up with an extra £1,000 if that ceiling was hit.

“The new product may serve to shake up the industry a bit, encouraging competition among providers to attract more new money,” Mike van Dulken, head of research at Accendo Markets said in a research note sent to clients.

Stock in St.James’s Place gained 3.83% to 934.5p and that in Hargreaves Lansdown by another 0.93% to 1,304p.

Those advances came alongside rising shares in the likes of Taylor Wimpey (3.42%) and Barratt Developments (3.15%).

In parallel, a rise in crude oil futures put a smile on the face of investors in the oil patch.

News that a meeting between several of the world's major oil producers to decide upon a freeze in output would indeed go ahead on 17 April stoked buying interest in crude oil futures.

Shares in Royal Dutch Shell jumped 3.04% to 1,711p while out on the second-tier index Tullow Oil rose 7.86% to 207.20p and those in Cairn Energy another 6.79% to 204.5p.