Source: Sharecast
London stocks had fallen further into the red by midday on Tuesday, with oil giants under pressure as oil prices retreated.
Russ Mould, investment director at AJ Bell, said: "OPEC’s surprise decision to start rolling back some of its production cuts before the end of the year hit the market. Index heavyweights BP and Shell, as well as other resources names, were on the back foot."
"News of slowing activity in US factories is a double-edged sword as it could provide the Federal Reserve with more room for manoeuvre on interest rates. Job openings data later today could reveal if a softening economy is being reflected in looser labour market conditions. Friday’s non-farm payrolls release is also in focus as investors await the latest decision from the Federal Reserve next week."
The oil price fall hit 250 heavyweights Ithaca Energy, Diversified Energy, Endeavour Mining and Harbour Energy.
On the plus side Carnival cruised higher after an upgrade to ‘buy’ at Peel Hunt. Tui shares followed suit, continuing gains from Monday after news that German rival FTI had filed for insolvency.
Tritax Eurobox rallied after Brookfield Asset Management said it was in the early stages of assessing a possible cash offer for the company. Tritax confirmed in a statement late on Monday that it had not received a proposal from Brookfield.
Budget carrier Wizz Air said May passenger numbers rose 2.1% although capacity was still impacted by the grounding of 45 Airbus aircraft due to issues with their Pratt & Whitney GTF engines.
Berenberg upgraded Future on Tuesday to ‘buy’ from ‘hold’ and hiked the price target to 1,310p from 850p following "positive" first-half results, which indicated that organic growth has troughed.
Market Movers
FTSE 250 - Risers
Carnival (CCL) 1,157.50p 5.80%
TUI AG Reg Shs (DI) (TUI) 591.50p 2.78%
Wizz Air Holdings (WIZZ) 2,476.00p 2.57%
Future (FUTR) 1,116.00p 1.55%
W.A.G Payment Solutions (WPS) 70.20p 1.45%
Tritax Eurobox (GBP) (EBOX) 60.70p 1.34%
Tritax Big Box Reit (BBOX) 164.30p 1.29%
Octopus Renewables Infrastructure Trust (ORIT) 73.20p 1.24%
Britvic (BVIC) 975.50p 1.09%
Bakkavor Group (BAKK) 145.50p 1.04%
FTSE 250 - Fallers
Ithaca Energy (ITH) 127.10p -5.29%
Diversified Energy Company (DEC) 1,109.00p -4.40%
JPMorgan Indian Investment Trust (JII) 933.00p -3.91%
Close Brothers Group (CBG) 477.00p -3.87%
Endeavour Mining (EDV) 1,662.00p -3.82%
Abrdn (ABDN) 150.60p -3.59%
Quilter (QLT) 118.60p -3.58%
Harbour Energy (HBR) 309.10p -3.41%
Essentra (ESNT) 165.40p -3.39%
NCC Group (NCC) 135.20p -3.29%
