Energy stocks drag FTSE into red
Energy stocks proved a drain on the FTSE 100 Index today as it ended the week in lacklustre form.
A fall in oil prices from their recent record levels took away some of the Footsie’s recent shine to leave it 28.9 points lower at 5230.8 – slightly below its Monday opening mark.
The decline by the oil heavyweights – BP slipped 7p to 618.5p and Shell eased 8p to 541p – came as the price of a barrel of US light crude hovered just above $58 in New York.
However, this had the opposite effect on airlines as British Airways surged more than 1% or 4.25p to 276.75p and second-tier rival easyJet added 7.25p to 264p.
Other beneficiaries of the lower oil price included Rolls-Royce, cheering 3.75p to 302.5p and FTSE 250 Index transport operator Stagecoach up 2p to 115.5p.
Losses by a string of mining companies contributed to the Footsie’s weakness as Rio Tinto fell 36p to 1765p and BHP Billiton retreated 12.5p to 748p.
The highest Footsie risers today were British Airways up 4.25p to 276.75p, SAB Miller rising 12p to 889p, Severn Trent up 13p to 966p and Tate & Lyle rising 6p to 460.5p.
The heaviest fallers were BG Group down 11.5p to 457.75p, Rio Tinto losing 36p to 1765p, Enterprise Inns off 16.5p to 820p and BHP Billiton down 12.5p to 748p.
