UK equities began the week on an upward trend, tracking broader advances across European markets on Monday, while the pound edged lower.
By 0749 GMT, the benchmark FTSE 100 index was up 0.3%, while the British pound dipped 0.05% against the dollar to 1.32.
Germany’s DAX index advanced 0.8%, while France’s CAC 40 gained 0.9%.
BP reports major oil and gas discovery in Brazil
In company news, BP PLC (LON:BP) has announced a major oil and gas discovery in Brazil’s Santos basin, representing the company’s largest find in a quarter-century, the energy major stated on Monday.
The find is situated in a deepwater pre-salt region off the Brazilian coast, an area believed to hold a substantial reservoir of oil and gas resources.
BP is targeting production growth to reach between 2.3 and 2.5 million barrels of oil equivalent daily by 2030.
BP to detail cost-cutting measures
In a separate development, BP is anticipated to provide new details about its $5 billion cost-cutting program on Tuesday, according to the Financial Times.
This update comes amid pressure from activist investor Elliott Management, which is advocating for deeper reductions in the energy company’s operating expenses.
Senior posts strong H1 profit growth
Also in corporate news, Senior PLC (LON:SNR) announced a 32% year-over-year rise in its first-half pre-tax profit.
The company’s results were bolstered by higher revenue and operating margins across its Aerospace and Flexonics divisions. Senior reiterated its full-year guidance and affirmed that the planned disposal of its Aerostructures unit is proceeding as planned.
Sales from the group’s continuing operations grew to £371.2 million, an increase of 5% in constant currency terms and 3% on a reported basis compared to the prior year.
Lloyds to continue review of motor finance provision after court ruling
Meanwhile, Lloyds Banking Group PLC (LON:LLOY) stated on Monday that it will continue reviewing its motor finance provision after a Supreme Court decision reversed key elements of an earlier ruling related to commission payments and broker responsibilities.
The court determined on Friday that car dealers serving as credit brokers do not have fiduciary responsibilities to their customers and that commissions in these situations cannot be categorized as bribes.
The ruling settled a protracted legal conflict by overturning the Court of Appeal’s previous position in the Wrench, Johnson, and Hopcraft cases.
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