FTSE 100 up as oil stocks rise; Cineworld slumpsFTSE 100 up as oil stocks rise; Cineworld slumps

UK's FTSE 100 hit a three-week high on Monday, lifted by oil giants as crude prices rallied following a surprise output cut by OPEC+, while theatre chain Cineworld neared record lows as it failed to find a buyer for its US, UK and Ireland businesses.

Energy heavyweights Shell Plc (SHEL.L) and BP Plc (BP.L) advanced over 4% each as crude oil prices jumped more than 5% following an unexpected output cut over the weekend by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

The broader energy sector (.FTNMX601010) was up 4.3%, on course for its biggest daily gain in more than four months.

The export-oriented FTSE 100 (.FTSE) rose 0.5%, kicking off the new quarter with gains, as the pound slipped.

The domestically-oriented FTSE 250 was flat, as of 0721 GMT.

Cineworld Group Plc (CINE.L) plunged 34.8% towards its lowest levels since late August as the cinema operator said it has terminated the sale process for its US, UK and Ireland businesses and has reached a conditional deal with lenders to exit bankruptcy.

Reuters