FTSE moves: Blue chip shares jump led by oil stocks after Opec agrees output cut

The London market jumped in afternoon trading today (30 November) as oil prices surged after Opec agreed a deal to cut production.

The oil cartel announced at its Vienna meeting that its member nations will collectively agree to reduce output by 1.2 million barrels a day to 32.5 million a day, in a bid to boost prices.

The FTSE 100 Index lifted 49.6 points to 6,821.6, as Brent Crude surged more than 7% higher to $50.75 (£40.79, €48), buoying oil stocks after the cartel agreed its first output cut in eight years.

Oil major Royal Dutch Shell rose almost 5% higher, or 98p to 2,129.5p. BP was up over 4%, or 18p to 460.5p.

GKFX chief market analyst James Hughes said: "A failure to finalise a deal would have been terrible for Opec, and would show the oil cartel as impotent in the face of record high output and stubbornly low prices."

In New York the Dow Jones Industrial Average jumped 70 points to a fresh all-time high of 19,191 points in early trading, with energy stocks boosted by reports of the Opec production cut.

Back in London in afternoon trading the biggest risers in the FTSE 100 Index were Royal Dutch Shell (+98p to 2,129.5p), BP (+18p to 460.5p), Ashtead Group (+59p to 1,570p), Unilever (+87.5p to 3,217.5p) and Pearson (+20p to 798.5p).

The biggest fallers in the FTSE 100 Index were Capita (-28p to 529.5p), easyJet (-29p to 982p), International Airlines Group (-11p to 433.5p), Provident Financial (-69p to 2,896p) and Royal Bank of Scotland Group (-4p to 193p).

In afternoon trading the biggest risers in the FTSE 250 Index were Cairn Energy (+21p to 203.6p), Tullow Oil (+28.4p to 291.2p), RPC Group (+94p to 1096p), Hunting (+42.2p to 536p) and Brewin Dolphin Holdings (+19.2p to 282.1p).

The biggest fallers in the FTSE 250 Index were Playtech (-67p to 855p), Restaurant Group (-12p to 324.6p), Cranswick (-76p to 2251p), Greene King (-23p to 688.5p) and GVC Holdings (-21.5p to 650p).