Petrofac flies on mega deal with TenneT
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FTSE 100 up 0.5, FTSE 250 adds 1.1

March 30 Reuters UK39;s exportoriented FTSE 100 extended gains on Thursday, led by financials stocks and miners, while oilfield services provider Petrofac surged nearly 60 to clock its biggest intraday jump on a deal worth 13 billion euros 14.09 billion.

Petrofac Ltd surged to the top of the FTSE Small Cap index after the company said it was awarded a framework agreement with Hitachi Energy by DutchGerman electricity grid operator TenneT to supply offshore platforms and onshore converter stations.

Investors are looking for carbon intensive companies that are changing their spots to the spirit of the times, said Andrew Bell, chief executive officer of Witan Investment Trust.

Petrofac was weighed down by debt earlier… it shows that when sentiment is really depressed about a company you can have a dramatic response to a single piece of good news.

The oilfield services operator had ended sixconsecutive years in losses between since 2017 until 2022.

The FTSE 100 rose 0.5, while the FTSE 250 added 1.1 by 0841 GMT.

Banks boosted the benchmark index as calm washed over markets, and precious metals miners added 2.1.

With a day left for the end of the first quarter of the year, the FTSE 100 is on track for gains of 2, while the midcap index is likely to have a muted end.

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