FTSE edge upwards in early trading
Top flight shares retrenched today as oil prices started edging upwards again after yesterday’s fall.
The FTSE 100 Index moved nearly 28 points ahead in early trading, but moderated to stand 16.1 points ahead at 4664 by mid-morning.
US shares trimmed losses in late trading last night after the futures price of US light crude moved back down towards the $52 a barrel mark.
However, the price was back on the up today, standing 21c ahead at $52.72, as dealers reflected on continuing supply issues in Russia, Norway, Iraq and the Gulf of Mexico.
Back in London, British Airways lost its top spot in the Footsie risers as oil prices resumed their upward path. BA fell to third with a 2% or 5.75p gain to 205.25p.
Anglo American was the Footsie’s biggest victim, falling 3% or 41p to 1262p, followed by BHP Billiton, down 18p to 581.5p, Antofagasta 32p off at 1108p, Xstrata losing 23.5p to 876p and Rio Tinto shedding 31p to 1472p.
Upmarket fashion chain Burberry moved 1%, or 5p to 369p, ahead after reporting continued strong sales.
Another clothing retailer, Peacock, lost 4% or 10.75p to 244p after saying its Bon Marche women’s discount fashion chain had performed poorly in the second quarter.
