FTSE 100 movers: Energy shares rally as Brent gains; Just Eat loses ground
London's FTSE 100 was flat at 7,449.58 in afternoon trade on Monday as investors continued to keep an eye on Brexit developments.
Energy stocks gushed higher, with BP and Royal Dutch Shell both up after Brent crude hit its highest level this year, breaching $70 a barrel as tensions in Libya escalated, increasing the risk of supply disruptions.
"The turmoil in the oil-rich North African country is adding to the already tightening oil market where supplies are curtailed because of OPEC production cuts and US sanctions on Iran and Venezuela," said City Index analyst Fiona Cincotta.
Miners were also on the front foot as copper and iron ore prices advanced, with Antofagasta, Rio Tinto and Anglo American all up.
On the downside, Just Eat was under the cosh after a Barron's article suggested the company faces a host of challenges that could eat into growth.
"Britain is Just Eat’s biggest market, accounting for 50% of revenue. Its competitive advantage is scale, having signed up 30,000 restaurants, compared with 15,000 at Uber Eats, and 15,000 at Deliveroo.
"This allows it to offer a better range of food and charge less. However, its 'marketplace' model is limited to restaurants able to deliver food, whereas Uber Eats and Deliveroo own their own transport networks - and they’re creating marketplaces like Just Eat."
Rolls-Royce and Melrose Industries were both in the red after Boeing said at the end of last week that it will cut production of its 737 MAX aircraft by nearly 20% from this month to 42 a month from 42 a month.
"The ripple out effect within the aerospace and engineering will equate to fewer orders across the board," said CMC Markets analyst David Madden.
Shares in bookie Paddy Power Betfair lost steam after favourite Tiger Roll won the Grand National on Saturday.
FTSE 100 - Risers
Ocado Group (OCDO) 1,408.50p 1.26%
BP (BP.) 575.50p 1.21%
Royal Dutch Shell 'A' (RDSA) 2,501.50p 1.05%
Antofagasta (ANTO) 1,002.50p 1.04%
Royal Dutch Shell 'B' (RDSB) 2,522.35p 1.02%
Lloyds Banking Group (LLOY) 62.81p 0.96%
Rio Tinto (RIO) 4,703.50p 0.84%
Anglo American (AAL) 2,201.50p 0.78%
Royal Bank of Scotland Group (RBS) 253.60p 0.75%
Tesco (TSCO) 238.55p 0.70%
FTSE 100 - Fallers
NMC Health (NMC) 2,428.00p -3.88%
Just Eat (JE.) 750.40p -2.72%
Paddy Power Betfair (PPB) 6,160.00p -1.75%
Rolls-Royce Holdings (RR.) 912.80p -1.51%
Melrose Industries (MRO) 189.90p -1.50%
WPP (WPP) 856.00p -1.50%
Ashtead Group (AHT) 2,005.00p -1.38%
Hargreaves Lansdown (HL.) 2,029.50p -1.34%
London Stock Exchange Group (LSE) 4,879.00p -1.31%
CRH (CRH) 2,497.00p -1.30%