StockMarketWire.com - UK stocks opened substantially higher on Tuesday, boosted by a jump in oil prices inspired by hopes of rising demand for energy as countries tentatively emerge from Covid-19 lockdowns.

At 0820, the benchmark FTSE 100 index was up 94.3 points, or 1.6%, at 5.848.08.

BP jumped 4.9% to 315.17p and Shell firmed 4.7% to £13.242.

Cairn Energy gained 3.0% to 116.83, despite a well offshore Mexico in which it held a 30% stake coming up dry.

Elsewhere, cruise operator Carnival rose 5.6% to £10.185 after it confirmed news first issued on Monday that it planned to commence eight services from US ports from 1 August and elsewhere from 31 August.

Budget carrier Ryanair ascended 2.7% to 9.47c, even as it revealed it had carried 99.6% less passengers in April.

Rival carrier Wizz Air added 0.6% to £26.26, having carried 97.6% less passengers over the same month.

Housing services group Mears fell 0.6% to 162.5p as it forecast 'modest' operating losses during the UK's coronavirus lockdown period.

Refractory product supplier RHI Magnesita gained 2.1% to £23.92, even as it said it faced an increasingly challenging trading environment in the second quarter as the coronavirus crisis crimps orders.

Real estate investor LondonMetric Property rose 2.3% to 186.83p after it said it would pay a final dividend for its 2020 financial year and planned to raise £100m from a share issue to spend on acquisitions.

The issue price would be being determined via a bookbuild process. LondonMetric also reported a rise in annual earnings and said 92% of rental payments due by 1 April had been collected or were being collected monthly.

Office and industrial property investor Regional REIT firmed 2.0% after it too secured high levels of rent collection during the Covid-19 crisis.

Subsea cable protection group Tekmar rallied 10% to 127p as it forecast a 40% rise in revenue for the financial year just completed, and said current demand in the offshore wind sector remained strong.

Mobile games developer Gaming Realms jumped 7.6% to 9.9p on announcing that it had extended a licensing and revenue share agreement with 888 Holdings.

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