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London Movers: Tullow Oil, ICAP

Shares of Tullow Oil jumped more than 5 percent after the first phase of its Jubilee field development plan was formally approved by the government of Ghana.

The UK-listed oil major said it was now on track for production in the second half of next year, following the approval.

ICAP shares fell 1.5 percent after the interdealer broker said profit for its current fiscal year, ending March 31, would be flat compared to its last year.

Pre-tax profit for the current year is expected to be in line with analyst expectations and the first quarter was “solid,” ICAP said. But an increased weighting of low-margin revenue was the main reason for a lack of growth.

- Reuters contributed to this report.

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