FTSE flat despite oil surge

The FTSE 100 was down by 0.3% despite a big rally in oil prices.

Oil surged thanks to co-ordinated action over the weekend between global oil producers to address a supply glut.

Miners contributed to the weak showing with Polymetal (POLY) suffering the biggest fall of 5%.

Randgold Resources (RRS) and Fresnillo (FRES) were also over 2.2% lower.

West Texas Intermediate and Brent crude oil both jumped by 4% to $53.58 and $56.47 per barrel, respectively.

Gold retreated 0.5% to $1,153 per ounce and copper cheapened 1% to $5,776 per tonne.

FTSE 100 RISERS AND FALLERS

Glencore (GLEN) agreed terms for a new joint partnership with Qatar Investment Authority to buy 19.5% of Russian resources giant Rosneft for €10.2bn. Glencore reported it will commit €300m and QIA will commit $2.5bn in equity, while the remaining funds would come from bank financing.

SMALL CAP RISERS AND FALLERS

Radio frequency tech provider E2V Technologies (E2V) soared 47% after receiving a 275p per share takeover offer from Teledyne. E2V shares had been weak after a full year profit warning last month.

A profit warning sent engineer Molins (MLIN) down 2.8% lower to 52p. It said trading in the last three months of the year was lower than expected, but insisted that the order book is healthy.

LGO Energy (LGO) said it would take advantage of lower rig rates and rig availability to advance its drilling programme at the Goudron field in Trinidad as soon as possible.

Hydrodec (HYR) enjoyed record sales of re-refined oil and daily output levels in October, which triggered an 11% rise in its share price to 2.22p.

Tech business Cohort (CHRT) reported an 11% rise in first half adjusted operating profit to £3.9m and there was no change to its outlook for the full year.

Exploration company North River Resources (NRRP) disappointed the market after it announced that several outstanding intersections were not expected to grow indicated mineral resources at this stage.

Payment technology group Earthport (EPO) secured a significant expansion to its partnership with Bank of America Merrill Lynch.

Critical asset maintenance services group Marlowe (MRL) pleased investors after reporting £0.6m operating profit for the six months to 30 September. It also raised £10m to accelerate growth.

Software developer Petards (PEG) won a contract to supply Siemens Mobility division with its eyeTrain systems.

Metals project developer Ferrum Crescent (FCR) raised £550,000 through a discounted share placing for expenditure on two metals projects.

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