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(Sharecast News) - London's FTSE 100 was up 1.5% at 10,325.68 in afternoon trade on Wednesday.
Defence company Babcock surged after saying it had signed a six-month bridging agreement with the government to maintain continuity of Britain's naval base and nuclear submarine fleet support services under the future maritime support programme (FMSP) contract.
A new long-term agreement is in the latter stages of negotiation with the Ministry of Defence after a five-year FMSP contract ended on 31 March. Babcock said the government had signed a letter of intent alongside the bridging deal.
Babcock was also boosted by an upgrade to 'buy' from 'neutral' at Citi, while engine maker Rolls-Royce shot higher after an initiation at 'overweight' by Wells Fargo.
Antofagasta and Anglo American both rose as copper priced advanced, while banks were also in favour, with NatWest and Lloyds up.
BA and Iberia owner IAG flew higher amid hopes of an end to the conflict in Iran.
On the downside, Berkeley Group slid after saying it plans to stop buying new land as it looks "to maximise long term shareholder value by prioritising value creation" from its existing land holdings.
The company said it does not believe it can make its required rate of return on investment in new land acquisitions due to the continuous increase in the tax and regulatory burden on residential development. It reiterated guidance for FY26 pre-tax profit of £450m.
Berkeley was also in focus after an upgrade to 'sector perform' from 'underperform' at RBC Capital Markets.
BP and Shell gushed lower as oil prices fell.
Rightmove shares tumbled following reports a £1.5bn legal claim has been filed against the company with the Competition Appeal Tribunal.
Rightmove did not disclose details of the legal action, but according to reports, estate agents have accused the property portal of charging "unsustainable" fees, with some saying their charges have more than doubled in recent years.
The class action was launched by accountant Jeremy Newman on behalf of potentially hundreds of estate agents.
FTSE 100 - Risers
Compass Group 11 (CPG) 29.52p 42.93%
Babcock International Group (BAB) 1,246.00p 7.77%
Rolls-Royce Holdings (RR.) 1,205.50p 6.85%
Antofagasta (ANTO) 3,500.00p 5.63%
Anglo American (AAL) 3,324.00p 5.03%
St James's Place (STJ) 1,235.50p 5.01%
NATWEST GROUP (NWG) 579.20p 4.99%
Melrose Industries (MRO) 526.60p 4.97%
International Consolidated Airlines Group SA (CDI) (IAG) 366.30p 4.92%
Lloyds Banking Group (LLOY) 96.54p 4.92%
FTSE 100 - Fallers
Berkeley Group Holdings (The) (BKG) 3,050.00p -10.65%
BP (BP.) 584.50p -3.68%
Rightmove (RMV) 415.00p -3.01%
Shell (SHEL) 3,484.00p -2.46%
Unilever (ULVR) 4,117.50p -1.68%
British American Tobacco (BATS) 4,300.00p -1.19%
Coca-Cola Europacific Partners (DI) (CCEP) 6,800.00p -1.02%
Autotrader Group (AUTO) 463.80p -0.96%
JD Sports Fashion (JD.) 69.72p -0.71%
London Stock Exchange Group (LSEG) 8,780.00p -0.65%
