Weaker crude oil prices boost FTSE stocks
Relief at weaker crude prices was bolstering oil-dependent stocks today and helped move the FTSE 100 Index higher.
British Airways and cruise operator Carnival found themselves on the top-flight risers board as the price of a barrel of oil fell further below 52 US dollars.
Momentum from New York last night also fuelled progress, with the Footsie 19.9 points higher by 4966.1 by mid-morning.
Comments by the Federal Reserve had calmed fears over US interest rates and lifted the Dow Jones Industrial Average by nearly 60 points overnight.
In London, British Airways lifted 4.25p to 273.25p, Carnival added 67p to 2897p and chemicals firm ICI advanced 4p to 272.5p.
But the falling cost of crude had the opposite effect on oil giants BP and Shell, which lost 7.5p and 3p to 548p and 483.5p respectively.
The day’s biggest gains came from technology firm Sage, which saw its market value rise 3% after it said half-year profits would meet market hopes. The stock cheered 6.5p to 210.25p.
With little in the way of top-flight news to guide investors, lower-tier retailers were in focus, including JJB Sports, off 4.25p to 213.75p after unveiling a 30% slump in annual profits.
Fashion house Burberry slipped 8.75p to 396p after saying its UK business had continued to suffer even though it expected annual earnings to be ahead of hopes.
And menswear retailer Moss Bros also weakened a penny to 120.5p despite reporting a sharp rise in profits as it continued to buck the downbeat trend suffered by many of its rivals. Like-for-like sales were 6% higher in the first 10 weeks of its new financial year.
In contrast, engineering group WS Atkins cheered 5% or 37p to 667p after saying annual profits would hit hopes despite a slowdown in the rail market.
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