Footsie up as oil prices ease
London’s leading shares made gains today as a positive end to trading on Wall Street last night and lower oil prices contributed to an upbeat mood.
The Dow Jones Industrial Average closed 68 points stronger at 11,352 as hurricane fears in the US abated to prompt lower oil prices.
And the buoyant mood was reflected in London as the FTSE 100 Index lifted 38.4 points to stand at 5917 by mid-morning following the long weekend break.
The drop in crude oil prices helped a number of firms with British Airways rising 3% to the top of the leaderboard. Its shares were up 12.5p to 410.5p.
Meanwhile, cruise company Carnival rose 53p to 2172p and easyJet cheered 14.25p to 449.25p as travel and leisure companies enjoyed the boost.
Mining giant Antofagasta was also amongst the biggest gainers – lifting 10p to 443p – after it posted a 79% rise in pre-tax profit to 1.3 billion US dollars (£689m) thanks to the rise in copper prices.
Other mining stocks followed hard on the heels with Vedanta also on the up - 17p to 1347p – Xstrata bouncing 33p to 2371p and Kazakhmys growing 19p to 1240p.
Distribution and outsourcing group Bunzl rose 14p to 657.5p as it reported a 9% hike in half-year profits to £88.1 million, despite having to contend with a “challenging market” in the UK.
Outside the top flight H Samuel and Ernest Jones owner Signet found itself floundering 9.25p weaker at 106p after a private equity led takeover approach for the jeweller came to nothing.
Property website Rightmove was on the up – 7p to 292p – as investors prepared for the firm’s maiden results, while Hard Rock cafe and Mecca Bingo Hall owner Rank rose 4.25p to 215.75p. Both companies report on Friday.
