FTSE keeps up momentum
The FTSE 100 Index maintained its momentum today as a strong performance by oil stocks helped to offset losses by miners.
Advances by the oil majors accounted for just under half the gains notched up by the Footsie, which stood 13.2 points ahead at 4988.2 by mid-morning.
BP, Shell and BG Group were all in positive territory as the price of a barrel of US light crude moved above $55 a barrel in futures trading in New York.
Poorly-performing mining stocks limited the Footsie’s progress, however, as investors in the sector decided to take profits amid continued sparring between its major players over Australia’s WMC Resources.
Notwithstanding the high price of oil, a 30-point advance by the Dow Jones Industrial Average last night added some momentum to the markets in London. Experts said a meeting by oil cartel Opec tomorrow would help give further direction.
BP and Shell were both doing well on the back of the oil price, lifting by 4p to 565.5p and by 3p to 494.5p respectively. Gas exploration company BG Group was also contributing a small portion of the Footsie’s overall gains, adding 8.5p to 422.5p.
On a relatively quiet day for corporate news, support services group Capita was also among the top-flight risers with a 4.75p lift to 373.75p as it benefited from a broker upgrade.
But convenience foods business Uniq slipped 4%, off 7p to 154.5p, after revealing it was looking for a new chief executive as part of a strategic overhaul.
Elsewhere, Mersey Docks and Harbour drifted 5.5p to 972p after reporting a positive annual performance by all its divisions.
However, electronics, metals and ceramics group Cookson pleased investors with news of a 90% narrowing in its annual losses and a positive performance in its main markets. The shares climbed more than 3% or 1.25p to 38.5p.
