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(Sharecast News) - Crude oil futures rallied amid hopes for a Russia-Saudi detente in their oil price war, helping to keep losses on London's second-tier index in check.
As of 1524 GMT, the FTSE 250 was down 0.83% at 14,427.07, while front-dated Brent was 6.04% higher to $26.33 a barrel on the ICE.
Overnight, US President Donald Trump expressed confidence that Moscow and Riyadh would "be able to work it out".
Trump also revealed that he had spoken with the leaders of both countries.
According to Reuters, Russian President, Vladimir Putin, and Saudi Crown Prince, Mohammad Bin Salman had not spoken.
However, the Kremlin reportedly said that talks between the two could be set up quickly if needed and Russian energy minister, Alexander Novak, said that Moscow had no plans to ramp up oil production due to current oversupplies.
Reuters also cited a "senior Gulf source familiar with Saudi thinking" who said the kingdom always welcomed and supported collaboration.
Against that backdrop, commodity-related issues were all to be found near the top of the leaderboard with Wood Group pacing gains, even as the oilfield services and environmental consultancy outfit pulled its dividend and cut executives' pay by 10%.
Shares of Cairn Energy, Energan Oil&Gas and Petrofac were higher alongside.
Stock in recruitment firm Hays on the other hand was a top faller after announcing that it was forced into an emergency ?200m cash call in anticipation of the hit to its fee income from the coronavirus pandemic.
Market Movers
FTSE 250 (MCX) 14,414.45 -0.91%
FTSE 250 - Risers
Wood Group (John) (WG.) 166.70p 12.22%
Premier Oil (PMO) 17.33p 10.17%
Cairn Energy (CNE) 83.25p 8.75%
Energean Oil & Gas (ENOG) 611.00p 7.01%
Sabre Insurance Group (SBRE) 302.00p 6.90%
Bank of Georgia Group (BGEO) 903.00p 6.24%
Rotork (ROR) 218.20p 5.92%
Dechra Pharmaceuticals (DPH) 2,470.00p 5.83%
Crest Nicholson Holdings (CRST) 190.40p 5.60%
Law Debenture Corp. (LWDB) 462.50p 4.99%
FTSE 250 - Fallers
Aston Martin Lagonda Global Holdings (AML) 87.35p -16.73%
Bakkavor Group (BAKK) 83.30p -15.52%
Pagegroup (PAGE) 311.80p -13.15%
National Express Group (NEX) 180.70p -11.42%
GVC Holdings (GVC) 466.20p -10.17%
Trainline (TRN) 282.20p -9.14%
Hays (HAS) 99.40p -9.14%
Capita (CPI) 26.02p -8.96%
UK Commercial Property Reit Limited (UKCM) 60.20p -7.38%
OneSavings Bank (OSB) 189.70p -7.37%
7 Mar 2023 10:05
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