FTSE 100 up as no-deal Brexit 'off the table'

UK shares continued their winning streak as financials cheered British lawmakers' rejection of a no-deal Brexit and oil majors rose on higher crude prices, but mid-cap retirement services specialist Just Group slumped on plans to raise funds.

The FTSE 100 was 0.4 percent higher by 0932 GMT, placing it on course for its fourth straight session of gains, and the FTSE 250 was up 0.5 percent.

Wednesday's parliamentary vote paved the way for another one on Thursday that could delay Britain's exit from the European Union until at least the end of June.

But a vote in favour of postponing the leaving date still does not guarantee that Brexit will be delayed, as it would require unanimous approval from EU members, while the European Commission has stressed that there would need to be a good reason to justify a delay.

"The good news is that no-deal is off the table. The bad news is there isn't a table," said Raymond James analyst Chris Bailey.

That did not stop financials from leading the charge on the main index with Lloyds and state-owned Royal Bank of Scotland adding 2 percent.

"I think UK markets have been held back by the Brexit process. If we get an outcome that gives us clarity on what the economic conditions will be over the course of next 12-18 months, we could certainly see a big jump in the FTSE 100," Michael Hewson, CMC Markets analyst, said.

Hewson added that anything that extends the decision would probably be the worst possible option because ultimately it would drag the uncertainty further out.

Shell, the most valuable FTSE 100 company, and BP  extended gains from a day earlier as OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran thrust oil prices to their highest this year.

London-listed shares of travel group TUI jumped 4 percent after Morgan Stanley raised its rating on the stock.

But Anglo American and Irish building materials group CRH lost 2.5 percent and 1 percent, respectively, as the stocks traded ex-dividend.

On the midcaps, Cineworld surged 6.4 percent as its results benefited from a string of blockbuster releases last year including action movies "Black Panther" and "Avengers: Infinity War" and "Bohemian Rhapsody".

The cinema operator was on course for its best day since August as it also hiked the cost savings target from its Regal Entertainment takeover, trumpeting the success of the integration.

Dragging on the index was Just Group with a 14 percent decline after it said it would raise money through a share placement and debt offering due to changes in capital requirement rules. The stock was on track for its worst day in nearly three years.

Property agent Savills slipped 6.2 percent after a cautious 2019 outlook, though outsourcing firm Capita shrugged off early losses to rise 3 percent as its profit topped Jefferies' expectations.