UK oil stocks including BP rose on optimism that a new tax unveiled yesterday will not dent earnings...
UK oil stocks including BP rose on optimism that a new tax unveiled yesterday will not dent earnings as much as some had expected. BP the UKs largest oil producer climbed 3.5p to 601.5. Avis Europe dropped after saying it hasn't seen a rebound in corporate business since 11 September.
The FTSE 100 rose for the fifth day, adding 14.4 points to 5278.3. BP and Shell accounted for more than a third of the rise.
Five stocks gained for every four that fell in the FTSE All Share, which added 5.39 points to 2561.59. The FTSE Small Cap advanced for the eighth day in a row, adding 2.9 points to 2601.8. The index has climbed 6.6% since 22 February, when it closed at its lowest level in 2002.
Shell, which owns 40% of Royal Dutch/Shell Group advanced 4p to 511p. Avis Europe declined 2.75p to 203p, extending its decline from the 2 April ten month high to 5.4%. The car hire industry was hurt after the US attacks discouraged tourists and business people from taking trips. Corporate rentals account for as much as 24% of Avis's business, while leisure hire amounts to 37%.
Easyjet dropped as much as 4.6% to 500p after gaining 10% in the previous six sessions. The low-fare airline announced that Stellios Haji-Ioannou will resign as chairman in 2003 and will be replaced by Colin Chandler, it also said it expects a modest pretax profit in the fiscal first half.
US stocks fell during the regular trading session, after the largest drugmaker reported earnings will fall short of forecasts and Alan Greenspan, chairman of the Federal Reserve, said an economic recovery may slow. The Dow Jones Industrial Average fell 80.54 to 10,220.78. The S&P 500 slid 2.30 to 1126.07 and the Nasdaq Composite lost 6.12 to 1810.67.
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