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Company News

FTSE 100 gains as oil stocks jump; Cineworld slumps over 50%

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* FTSE 100 gains 1.1%, FTSE 250 up 0.7%

Oct 5 (Reuters) - London’s FTSE 100 rose on Monday as oil stocks jumped on a rebound in crude prices following White House reports of Donald Trump’s improving health, while Cineworld slumped after unveiling a plan to temporarily close its U.S. and UK operations.

The blue-chip index gained 1.1% with oil majors BP and Royal Dutch Shell being the biggest boosts, while the mid-cap index rose 0.7%.

The world’s second-biggest cinema operator, Cineworld , slumped 56% after it said it was considering temporarily closing all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.

Engineering company Weir Group Plc gained 20.6% after it said it had agreed to sell its oil and gas division to U.S. heavy equipment maker Caterpillar Inc for $405 million in cash. (Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu)

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