FTSE 100 movers: Retailers rally, oil giants gush lower

(Sharecast News) - London's FTSE 100 was flat at 10,487.29 in afternoon trade on Wednesday.

Retailers JD Sports and Marks & Spencer were among the top performers, while travel and leisure stocks also gained, with BA owner IAG and InterContinental Hotels both higher.

Oil giants BP and Shell gushed lower, however, as oil prices slumped following a report that Iran is committed to restoring the number of commercial transit ships through the strait of Hormuz to pre-war levels within a month.

According to Reuters, citing Iran's state TV, Tehran has obtained a draft of an initial unofficial framework for a memorandum of understanding with the US.

Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the US would withdraw military forces from Iran's vicinity and lift a naval blockade.

FTSE 100 - Risers

JD Sports Fashion (JD.) 85.04p 4.97%

Burberry Group (BRBY) 1,198.00p 3.76%

International Consolidated Airlines Group SA (CDI) (IAG) 425.90p 3.32%

Convatec Group (CTEC) 207.40p 3.08%

Marks & Spencer Group (MKS) 358.40p 3.07%

Spirax Group (SPX) 7,150.00p 3.02%

Mondi (MNDI) 768.20p 2.78%

InterContinental Hotels Group (IHG) 156.30p 2.66%

Rolls-Royce Holdings (RR.) 1,295.00p 2.60%

Barratt Redrow (BTRW) 265.00p 2.36%

FTSE 100 - Fallers

Tesco (TSCO) 435.50p -4.12%

BT Group (BT.A) 214.70p -3.38%

Centrica (CNA) 193.40p -3.30%

BP (BP.) 513.80p -2.93%

Shell (SHEL) 3,107.50p -2.85%

The Sage Group (SGE) 848.80p -2.81%

IG Group Holdings (IGG) 1,802.00p -2.44%

Glencore (GLEN) 575.00p -1.98%

National Grid (NG.) 1,272.50p -1.78%

Flutter Entertainment (DI) (FLTR) 6,994.00p -1.63%