U.K. Oil Shares Up Most in 7 Months to Lift Market on OPEC Dealby
Energy producers in the U.K. surged after OPEC agreed to cut output for the first time in eight years, sending the FTSE 100 Index to a second day of gains.
Royal Dutch Shell Plc and BP Plc rose more than 4.5 percent, sending a gauge of oil-and-gas stocks to their biggest advance since February. The OPEC agreement yesterday surprised traders who had expected members to maintain output, spurring a rally in crude prices. Commodity producers also climbed, with Anglo American Plc and BHP Billiton Ltd. up at least 5.1 percent.
The FTSE 100 advanced 1.2 percent at 8:31 a.m. in London, heading for its biggest two-day increase in more than three weeks. A rally in commodities has helped the benchmark rise 2.2 percent in September, for its longest stretch of monthly gains since May 2013. The FTSE 250 Index of midcaps added 0.8 percent today.
Among shares active on corporate news, Capita Plc lost a quarter of its market value after lowering its forecast for full-year organic growth. EasyJet Plc and IAG SA paced declines among airline shares as the OPEC deal signaled higher fuel p