FTSE 100 gains as energy, mining shares jump

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

(Reuters) – Heavyweight energy and mining stocks lifted London’s on Tuesday, with Royal Dutch Shell (LON:) providing the biggest boost to the blue-chip index after it announced plans to sell its Permian Basin assets.

The blue-chip FTSE 100 gained 0.7% in early trading. Oil major BP (LON:) and miners BHP Group, Anglo American (LON:) and Rio Tinto (LON:) were among the top boosts.

Royal Dutch Shell jumped 3.3% after it said it would sell its Permian Basin assets to ConocoPhillips (NYSE:) for $9.5 billion in cash, exiting the largest U.S. oilfield as it focuses on its clean energy transition.

The domestically focussed mid-cap index rose 0.5%, with travel stocks being among the top gainers.

In earnings-driven moves, British home improvement retailer Kingfisher (LON:) fell 3% to slip to the bottom of the FTSE 100 even as it reported a jump in first-half profit.

British transport company Stagecoach Group (LON:) surged 19.5% after it said it was in talks with rival operator National Express about a possible all-share merger.

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