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London's main benchmark was driven higher by oil stocks after Opec agreed production cuts Reuters

Blue chip shares soared in afternoon trading driven by oil stocks after Opec agreed production cuts. The oil cartel agreed in principal to cut production by up to 700,000 barrels a day after a meeting in Algeria yesterday (28 September), sending up the spot price of Brent crude by 3% to just over $47 a barrel today (29 September).

The proposed deal will limit output from Opec countries to roughly between 32.5 million and 33 million barrels a day.

The FTSE 100 Index jumped 69 points to 6918.3, led by oil and mining stocks, even though traders were aware that a binding Opec vote in November may yet get bogged down by in-fighting between rival nations. The FTSE 250 Index jumped 101.5 to 17893.8.

Royal Dutch Shell rose 102p to 1998p, BP lifted 18.3p to 450.6p and BHP Billiton was 50.5p higher at 1147.5p.

IG chief market analyst Chris Beauchamp said: "BP and Shell between them comprise nearly half of the gains to the index in terms of points, as these stocks suddenly look a lot more attractive based on improved expectations for oil prices."

In afternoon trading the biggest risers in the FTSE 100 Index were Royal Dutch Shell (+102p to 1998p), BP (+18.3p to 450.6p), BHP Billiton (+50.5p to 1147.5p), Anglo American (+38.1p to 961.8p) and Sky (+63.1p to 908.1p).

The biggest fallers in the FTSE 100 Index were Capita (-251p to 701.5p), Merlin Entertainments (-24.5p to 445.1p), Babcock International (-42p to 1045p), Barratt Developments (-15p to 478.6p) and Taylor Wimpey (-2.9p to 150.8p).

In afternoon trading the biggest risers in the FTSE 250 Index were Tullow Oil (+21.3p to 240p), Hunting (+25.2p to 445.6p), Amec Foster Wheeler (+32.5p to 575p), Allied Minds (+17.5p to 330.1p) and Vedanta Resources (+29.5p to 594.5p).

The biggest fallers in the FTSE 250 Index were Thomas Cook (-3.1p to 68.8p), Serco (-4.8p to 127.8p), IG Group (-24p to 860.5p), Crest Nicholson (-12.1p to 441p) and Redrow (-10.6p to 392.5p).