Oil stocks had a hand in the rising value of the FTSE 100 again today, which has climbed for the sec...
Oil stocks had a hand in the rising value of the FTSE 100 again today, which has climbed for the second day in a row on the back of positive vibes from the US.
Shell Transport & Trading, which is 40% owned by Royal Dutch/Shell Group, said first-quarter profits only fell 48% and was less than analysts, and was then rewarded with a 17.5p or 3.6% price rise to 498p.
Analysts saw its results as an indicator that things might really be improving and several stocks rose on the back of it.
Jefferson Smurfit continued to climb after revealing it is in merger talks, and Imperial Tobacco kept its price up after positing higher first-half earnings. HSBC also saw its price rise as Standard Chartered, which earns most of its profit in Asia, told investors there are signs that the US economy is recovering.
Marconi, the phone equipment maker which almost lost its entire asset value several months ago, also advanced for the seventh day and pushed its share price back into double digits at 12.55p.
All this should spell good news for the US markets, however, the S&P 500 index is currently down 0.3% to 1083.52 because it is believed the expected economy recovery will not do enough to boost corporate profits.
Two of the usual suspects, AOL Time Warner and General Electric, led the downward group but financial firms JPMorgan, Chase and Merrill Lynch have seen some improvement.
The Dow Jones is also down 0.35% to 10,059.28 along with the Nasdaq which has lost 0.7% to 1665.41.
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