The FTSE 100 is 0.6% higher at 7,248.21 supported by a significant rise for one of its largest constituents.
Oil major BP (BP.) is 2.9% higher at 455.5p as its first quarter numbers come in ahead of expectations. Higher oil prices drive an increase in profit from $532m in the first quarter of 2016 to $1.5bn, ahead of the $1.26bn consensus forecast.
Drugs giant AstraZeneca (AZN) ticks up 0.3% to £46.51 as the US Food and Drug Administration (FDA) gives accelerated approval to bladder cancer treatment Imfinzi.
Online groceries play Ocado (OCDO) gains 5.7% to 265.5p on reports it is considering a tie-up with Marks & Spencer (MKS). Ocado currently counts Morrisons (MRW) and Waitrose among its supermarket partners.
Emerging markets bank Standard Chartered (STAN) is down 0.5% to 717.4p as Moody's downgrades its credit rating from A1 to Aa3 thanks to expected lower profitability,
TV and film producer Entertainment One (ETO) falls 0.8% to 245.3p as investors are underwhelmed by the permanent appointment of Joe Sparacio as chief financial officer. He has been filling the role on an interim basis since November 2016.
Energy consultant RPS (RPS) gains 4.6% to 266p as a trading update alongside its AGM reveals the first quarter of 2017 was 'materially better' than the equivalent period in 2016.
Takeaway firm Just Eat (JE.) slumps 2.6% to 562p. Already beset by the temporary absence of executive chairman John Hughes due to illness and the departure of chief executive David Buttress due to 'urgent family matters', the company reveals slowing growth in the first quarter of 2017. UK like-for-like orders are up 17% against growth of 31% for 2016 as a whole.
