Shell helps FTSE back into black
Oil giant Shell was the toast of the City of London today as investors welcomed developments in the biggest overhaul in its 100-year history.
The stock lifted 3% after shareholders overwhelmingly supported plans to unify its London and Dutch boards.
A number of other commodity-based stocks were also in positive territory as the FTSE 100 Index put two sessions of heavy losses behind it close 46.9 points higher at 5090.4.
Shell rose 17p to 545p as the blue-chip heavyweight also benefited from the cost of a barrel of crude oil staying above the $59 mark because of supply fears and the surprise election of a hard-liner as president of Iran.
Rival BP was another climber, up 11p at 595p, while British Gas exploration and production company BG was the highest Footsie riser with an increase of 4% or 18.25p to 472p.
Retailers were in focus in the lower tiers, with HMV rising 3% or 7.25p to 236.75p after sounding an upbeat note on its prospects due to a strong release schedule for albums, DVDs and books.
The highest Footsie risers were BG Group up 18.25p to 472p, Shell adding 17p to 545p, Hays up 3.5p to 129.25p and Exel rising 19p to 838.5p.
The heaviest fallers were Hammerson down 12.5p to 899.5p, Centrica losing 3p to 231p, BAA down 5.5p to 598.5p and Sage off 2p to 223p.
