FTSE 100 movers: BP and Shell gush higher as oil extends gains; defence firms slump

(Sharecast News) - London's FTSE 100 was down 0.9% at 10,320.81 in afternoon trade on Monday, sliding on news that Iran has suspended peace talks with the US.

Software stocks were among the top performers, with Sage Group, Relx and Experian all up as positive sentiment continued to lift the sector after well-received results last week from US cloud-based data platform Snowflake.

Oil giants BP and Shell gushed higher as oil prices extended gains following a report that Iran has suspended peace talks with the US until Israel ends its operations in Lebanon.

According to Iranian news agency Tasmin, the suspension would remain in place until "the positions of Iran and its allied proxy forces are taken into account".

Tasnim also said Iran will move to fully close the Strait of Hormuz.

Halma was also in the black after Goldman Sachs reiterated its 'buy' rating on shares of the safety equipment firm and lifted its price target to 5,060p from 4,290p.

On the downside, defence companies slumped, with BAE Systems, Babcock and Rolls-Royce the biggest losers on the index.

FTSE 100 - Risers

The Sage Group (SGE) 897.40p 6.48%

Entain (ENT) 563.40p 5.77%

Flutter Entertainment (DI) (FLTR) 7,524.00p 4.04%

BP (BP.) 529.10p 2.74%

Relx plc (REL) 2,516.00p 2.20%

Shell (SHEL) 3,177.00p 2.00%

IG Group Holdings (IGG) 1,821.00p 1.45%

Halma (HLMA) 4,740.00p 1.41%

Experian (EXPN) 2,599.00p 1.28%

Sainsbury (J) (SBRY) 299.00p 1.15%

FTSE 100 - Fallers

BAE Systems (BA.) 1,939.50p -4.33%

Babcock International Group (BAB) 1,050.50p -4.01%

Rolls-Royce Holdings (RR.) 1,285.00p -3.84%

Persimmon (PSN) 1,070.00p -3.82%

Games Workshop Group (GAW) 19,500.00p -2.89%

Weir Group (WEIR) 2,392.00p -2.84%

Barratt Redrow (BTRW) 255.00p -2.74%

Berkeley Group Holdings (The) (BKG) 3,354.00p -2.44%

Convatec Group (CTEC) 197.60p -2.27%

British Land Company (BLND) 395.40p -2.27%