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Energy stocks push FTSE 100 higher; Cineworld slumps

FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

(Reuters) - London’s FTSE 100 rose on Monday, lifted by oil stocks as crude prices jumped after doctors treating U.S. President Donald Trump for COVID-19 hinted that he was doing well, while Cineworld fell sharply after it said it was considering temporarily closing all U.S. and UK screens.

The blue-chip index .FTSE rose for a third consecutive session to hit its highest level since Sept. 18, led by gains in oil majors BP BP.L and Royal Dutch Shell RDSa.L. The mid-cap FTSE 250 index .FTMC rose 1.1%.

“Investors are focusing on the broader picture right now with sentiment turning slightly positive on anticipation of fresh U.S. stimulus,” said David Madden, an analyst at CMC Markets. “However, traders will remain cautious until there is more clarity on the U.S. presidential election.”

Also aiding the mood, the final services sector data for September showed Britain’s economy proved more resilient than initially thought despite a tightening of lockdown restrictions and an end to a temporary government subsidy for businesses.

Shares of Cineworld CINE.L slumped 36.2% after the world's second-biggest cinema operator said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases.

Engineering company Weir Group Plc WEIR.L gained 15.9% after it said it had agreed to sell its oil and gas division to U.S. heavy equipment maker Caterpillar Inc CAT.N for $405 million in cash.

Shares of the telecom operator Vodafone VOD.L rose 4.7% after it said on Monday that it received concent for a security package from its lenders, which was a requirement to complete the merger of Indus Towers with Bharti Infratel.

Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu and Gareth Jones

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