MARKET REPORT: North Sea gloom sends oil stocks into the red

Oil stocks fell amid fears about the future of projects in the North Sea.

North Sea producer Harbor Energy lost 3.5 percent, or 8.2 pence, to 226.7 pence, and global giants BP and Shell fell 2.2 percent, or 10.3 pence, to 466.6 pence and 3 percent, respectively. or 70.5 pence, up to 2282 pence, amid reports that a future Labor government would block new oil projects in the North Sea.

Uncertainty also remains over whether Opec+, the group made up of 13 oil-exporting countries such as Iran, Saudi Arabia and Iraq, and allies including Russia, will increase their production cuts at its June 4 meeting.

Last month it announced plans to cut supplies by nearly 1.2 million barrels per day. The price of Brent crude fell more than 3 percent to below $75 a barrel.

The London stock market reopened with mixed feelings from the holiday weekend, with the FTSE 100 falling 1.4 percent, or 105.13 points, to 7522.07 and the FTSE 250 gaining 0.1 percent, or 13.28 points, to 18807, 37.

There was good news for Greencore after the supermarket sandwich maker increased sales despite a seasonally quieter first half of the year. Sales rose by a fifth to £925.8 million in the six months to the end of March.

But it turned to a loss of £6.2m after turning a £1m profit the previous year amid higher costs and rising interest rates.

The group also cut costs by cutting 25 jobs at the end of March. It also launched a share buyback worth up to £10m yesterday as part of a wider £50m buyback programme. Shares rose 4.3 percent, or 3.25 pence, to 79.05 pence.

Dr. Martens went the other way, while analysts painted a gloomy picture on Thursday ahead of the results. RBC downgraded the bootmaker’s rating from “outperform” to “sector performer” and lowered the target price from 230p to 180p.

The broker expressed concerns about the challenges the group faces in the US, which accounts for 37 percent of sales. Shares fell 5.1 percent, or 8.2 pence, to 153.1 pence.

Lloyd’s of London insurer Hiscox has appointed the former boss of Prudential (flat at 1125p) as its next chairman.

Jonathan Bloomer, who led former parent company M&G from 2000 to 2005 (-0.03 percent or 0.05 pence to 198.3 pence), will join the group on Thursday, replacing Robert Childs, who retired July 1 go. 1 percent, or 12p, to 1182p.

The boss of Hochschild Mining quits after 13 years. Ignacio Bustamante will quit his job at the gold and silver mine on August 26 to move to London and take up a new position at another company.

He will be replaced by Hochschild’s chief operating officer Eduardo Landin, who has held this position for 10 years. Shares rose 1 percent, or 0.7 pence, to 72.75 pence.

Rolls-Royce fell 3.1 percent, or 4.65 pence, to 144.4 pence and BAE Systems fell 0.8 percent, or 8 pence, to 943.4 pence after the British defense giants were accused by India’s research agency of participating in a ‘criminal conspiracy’ over the supply of fighter jets to the country between 2003 and 2012.

RHI Magnesita stormed to the top of the mid-cap index after the group, which makes heat-resistant materials for the steel industry, received an offer for 20 percent of its shares at 2850p.

The offer, which was submitted by investment holding company Ignite Luxembourg, represented a 39 percent premium over the company’s previous closing price.

Shares rose 23.6 percent, or 484p, to 2534p.

It was also a positive session for Hunting after the energy services company raised its profit forecast for 2023 thanks to winning its largest contract to date worth £73 million with India’s Cairn Oil and Gas.

Shares rose 13.4 percent, or 27 pence, to 228.5 pence yesterday.