Shell hit by weak oil prices

The FTSE 100 fell as Royal Dutch Shell (RDSB) was hit by lower oil prices. Investors were nervous about the prospects of a production cut ahead of the OPEC meeting in Vienna on Wednesday.

West Texas Intermediate and Brent crude oil slumped by approximately 1% to $46.57 and $47.80 per barrel, respectively.

Gold fell 0.3% to $1,186 per ounce while copper cheapened 1.3% to $5,776 per tonne.


Investment company BH Macro (BHMG) announced a tender offer to buy back its shares and liquidate the firm if its shareholders agree.

Airports food and drink seller SSP (SSPG) fattened 8.8% to 372p on tasty full year results, which revealed good like-for-like sales growth and improved operating margins. It also announced an encouraging pipeline of new contracts to pursue.

Bacon, sausages and gammon supplier Cranswick (CWK) sizzled on strong half year figures. The company reported a 24% surge in pre-tax profits to £37.9m with a good contribution from poultry acquisition Crown Chicken.

Housebuilder Countryside Properties (CSP) nudged higher on strong full year figures and a confident trading statement as the new year started with a record order book and robust demand.


Oil and gas exploration company (NTOG) acquired an 80% working interest in specific oil and gas interests, which comprised the Pine Mills field and associated assets in Texas. Shares soared by 45.8% to 1.97p.

Shares in Mosman Oil& Gas (MSMN) crashed 33.8% as the vendor of Buccaneer Operating and the 80% interest in Pine Mill would not complete the acquisition due to shareholder privilege.

Investment firm Kennedy Ventures (KENV) jumped 4.6% after it revealed that Tantalite Valley mine is at a commercial production level and on course to meet its target of 15,000t per month.

The market was frustrated about the lack of data on the VOBM#3 well from Pantheon Resources (PANR). The exploration firm said it was impossible to make an accurate prediction of the well’s potential at such an early stage.

Vehicle retailer Motorpoint (MOTR) reversed 2% to 131.25p on disappointing interims, which it blamed on uncertainty around the EU referendum result. Motorpoint said it will spend more than previously planned on marketing to support new sites and declared a maiden interim dividend of 1.33p.

Investors were underwhelmed with events company group ITE’s (ITE) final results as it reflected challenging conditions in the oil-dependent economies of Russia and Central Asia, as well as a cautious outlook statement.

Tile retailer Topps Tiles (TPT) was confident in its annual report, stating like-for-like revenue increased by 0.8%, while its dividend was hiked by 17%.

Sierra Rutile (SRX) was informed with Iluka of geographical risks at two dams under Sierra’s operations. These risks were seen as unsatisfactory under the merger agreement between the two companies. Investors were upset that Iluka indicated it will not close the merger today.

Gene and cell therapy group Oxford Biomedica (OXB) received a welcome boost following CEO John Dawson’s announcement of a strategic tie-up with Orchard Therapeutics.

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