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FTSE 100 up 0.5%, FTSE 250 flat
April 3 (Reuters) - 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 U.S., UK and Ireland businesses.
Energy heavyweights Shell Plc and BP Plc 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 was up 4.3%, on
course for its biggest daily gain in more than four months. The export-oriented FTSE 100 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 plunged 34.8% towards its
lowest levels since late August as the cinema operator said it
has terminated the sale process for its U.S., UK and Ireland
businesses and has reached a conditional deal with lenders to
exit bankruptcy.
(Reporting by Johann M Cherian in Bengaluru; Editing by Sonia
Cheema)
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