UK equities opened the week higher on Monday, with the FTSE 100 climbing 0.3% by 0749 GMT. The advance mirrored gains across major European indices, while the British pound edged down 0.05% to $1.32.
Germany’s DAX rose 0.8%, and France’s CAC 40 gained 0.9%, reflecting broader market optimism.
BP Surges on Landmark Brazilian Oil and Gas Discovery
Shares in BP PLC (LSE:BP.) gained ground after the company revealed its most significant oil and gas discovery in over two decades. The find is located in Brazil’s deepwater Santos basin, specifically in the pre-salt layer known for its rich hydrocarbon potential.
This discovery supports BP’s long-term production ambitions, with a goal to raise output to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030.
Additionally, BP is set to unveil more details about its $5 billion cost-cutting strategy on Tuesday, according to a report by the Financial Times. The move follows mounting pressure from activist investor Elliott Management for deeper operational efficiencies.
Senior Delivers Strong Interim Results, Maintains Guidance
Engineering group Senior PLC (LSE:SNR) reported a 32% jump in pre-tax profit for the first half of fiscal 2025, bolstered by solid performance across both its Aerospace and Flexonics divisions. Group sales from continuing operations hit £371.2 million, marking a 5% rise on a constant currency basis and 3% on a reported basis compared to last year.
The company reaffirmed its full-year outlook and confirmed that the divestment of its Aerostructures unit is progressing as scheduled.
Lloyds Evaluates Motor Finance Exposure Post-Court Ruling
Lloyds Banking Group PLC (LSE:LLOY) said it will continue reviewing its provisions related to motor finance after the UK Supreme Court overturned key elements of a prior Court of Appeal judgment.
The high court concluded that motor dealers acting as credit brokers are not fiduciaries and that commissions paid in such arrangements do not amount to bribery. The ruling settles a long-disputed issue stemming from the Wrench, Johnson, and Hopcraft cases.
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