UK stocks opened up this morning, led by oil companies such as BP, after crude prices increased in l...
UK stocks opened up this morning, led by oil companies such as BP, after crude prices increased in late trading yesterday thanks to yet more hype over possible war with Iraq.
The FTSE 100 Index rose 13.70 points, or 0.3%, to 4235.70, after the price of crude yesterday surged $1 a barrel to $27.86. All of this was prompted by Iraq's refusal to readmit United Nations weapons inspectors, raising concern about possible US military action against the Middle East oil producer.
BP has seen the best gains in this as its share value climbed 5.5p to 508.5p. And Shell, which only yesterday dropped 3%, advanced 4p or 0.9% to 437.5p.
Venture Production also rose 7.5p or 6.4% to 125p after posting a first-half gain of £5.45m in net income, compared with a loss of £323,791this time last year. Its sales have also more than tripled to £30.3m.
Given that the US markets closed down yesterday, the FTSE is looking pretty positive. The Standard & Poor's 500 index yesterday slipped 4.84 points to 903.80, and the Dow Jones Stoxx 50 index lost 2.9% to 2699.66 now people believe the Federal Reserve will not cut obrrowing rates, as hoped.
In Japan, the Nikkei 225 Stock Average fell 0.6% to 9688.61 amid concern for some of the larger stocks which are reliant on overseas sales. The yen strengthened against the dollar, lowering the value of overseas earnings.
The Singapore Straits Times index also had its biggest gain in more than a month on the belief that profits at some of the island's largest companies will increase as the economy rebounds.
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