Sector movers: Financials, oil pace advance

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.