London open: Stocks advance as BP rallies on update
London stocks kicked off the month of May in positive territory, helped along by a weaker pound and a solid first-quarter update from BP.
At 0830 BST, the FTSE 100 was up 0.6% to 7.243.89, while the pound was off 0.1% against the dollar and 0.2% versus the euro to 1.2875 and 1.1791, respectively.
On the data front, Markit's manufacturing PMI is at 0930 BST.
Spreadex analyst Connor Campbell said: "Still to come is Tuesday morning’s main focus - the UK’s latest manufacturing PMI. Analysts are once again expecting the figure to trip backwards, this time from 54.2 to 54.0 month-on-month; that would take the reading to a five month low, and continue the downward spiral that has been in place since 2017 began.
"The pound would likely bear the brunt of this drop, meaning, if those estimates are accurate, the currency’s current losses may only widen as the day goes on."
In corporate news, oil giant BP gushed higher after saying it got off to a strong first quarter, with a £1.45bn profit and expectations of a "material improvement" in cash flow from the second half of the year.
AstraZeneca was firmer after it and and its global biologics research and development arm, MedImmune, said the US Food and Drug Administration (FDA) has granted accelerated approval to the bladder cancer treatment Imfinzi (durvalumab).
Global medical technology company ConvaTec Group nudged higher as it announced the US launch of the Flexi-Seal PROTECT Fecal Management System, following receipt of 510(k) clearance from the US Food and Drug Administration.
Aberdeen Asset Management shares were higher after it posted a 10.6% increase in first-half revenue, boosted by markets and currencies, as outflows slowed.
UAE-based healthcare provider NMC Health gained ground after saying it expects an earnings boost from regulatory changes in Abu Dhabi.
Bovis Homes edged up despite saying it would take a one-off £2.8m hit from the failed merger efforts with Redrow and Galliford Try earlier this year.
Ocado shares surged on reports it is considering a tie-up with Marks & Spencer.
On the downside, online food delivery company Just Eat was in the red despite reporting a 46% rise in first-quarter revenue and reiterating its full-year guidance
Challenger bank Shawbrook fell despite reporting a solid first quarter, as its board announced more details about why it continues to recommend shareholders reject a buyout offer from Pollen Street and BC Partners.
Media distribution and film production company Entertainment One was on the back foot as it appointed Joe Sparacio as chief financial officer.
Market Movers
FTSE 100 (UKX) 7,243.89 0.55%
FTSE 250 (MCX) 19,644.49 0.15%
techMARK (TASX) 3,483.11 0.24%
FTSE 100 - Risers
BP (BP.) 455.00p 2.82%
Rentokil Initial (RTO) 252.80p 1.53%
Standard Life (SL.) 369.30p 1.48%
Croda International (CRDA) 3,819.00p 1.46%
Hikma Pharmaceuticals (HIK) 1,964.00p 1.39%
Royal Dutch Shell 'A' (RDSA) 2,028.50p 1.30%
Unilever (ULVR) 4,020.00p 1.21%
Mediclinic International (MDC) 830.50p 1.16%
Royal Dutch Shell 'B' (RDSB) 2,075.50p 1.12%
Anglo American (AAL) 1,118.50p 1.08%
FTSE 100 - Fallers
Barclays (BARC) 208.65p -1.70%
Randgold Resources Ltd. (RRS) 6,705.00p -1.47%
Fresnillo (FRES) 1,432.00p -1.38%
International Consolidated Airlines Group SA (CDI) (IAG) 554.00p -1.07%
Taylor Wimpey (TW.) 198.70p -0.65%
easyJet (EZJ) 1,161.00p -0.60%
London Stock Exchange Group (LSE) 3,363.00p -0.59%
Direct Line Insurance Group (DLG) 347.40p -0.52%
SSE (SSE) 1,384.00p -0.50%
Standard Chartered (STAN) 717.90p -0.46%
FTSE 250 - Risers
Ocado Group (OCDO) 272.70p 8.65%
Aberdeen Asset Management (ADN) 286.70p 2.69%
AO World (AO.) 138.20p 2.37%
esure Group (ESUR) 249.60p 1.88%
Drax Group (DRX) 328.50p 1.70%
Kaz Minerals (KAZ) 516.50p 1.59%
NMC Health (NMC) 2,018.00p 1.56%
Riverstone Energy Limited (RSE) 1,271.00p 1.44%
Nex Group (NXG) 623.00p 1.38%
Petra Diamonds Ltd.(DI) (PDL) 131.30p 1.23%
FTSE 250 - Fallers
Just Eat (JE.) 555.50p -3.73%
IWG (IWG) 320.40p -1.39%
Senior (SNR) 211.50p -1.35%
Cairn Energy (CNE) 191.80p -1.29%
Telecom Plus (TEP) 1,236.00p -1.12%
Hochschild Mining (HOC) 251.40p -1.10%
Atkins (WS) (ATK) 2,124.00p -1.07%
Capital & Counties Properties (CAPC) 312.50p -1.04%
Aldermore Group (ALD) 255.90p -0.97%
Ascential (ASCL) 349.40p -0.96%