Stock traded on the UK exchanges managed to end the day up, led mainly by activity behind oil stocks...
Stock traded on the UK exchanges managed to end the day up, led mainly by activity behind oil stocks, after BP forecast demand for oil will increase in the third and fourth quarters of 2002.
The FTSE 100 Index added 29.4 points, or 0.6%, to 4648.8, have slumped into a decline earlier this afternoon when it lost 0.7%.
BP and Shell Transport & Trading accounted for more than a third of the advance this afternoon as BP, the world's second-largest publicly traded oil company, added 8.5p, or 1.5%, to 559.5p. BP's head of analysis said global oil demand will rise about 1 million barrels per day in the third and fourth quarters from a year ago. Shell, which owns 40% of Royal Dutch/Shell Group, also added 5p, or 1%, to 500p.
However, news was not so good for Yell Group and Focus Wickes who both had to cancel their share sales today, worth £1.5bn, the latest to abandon initial public offerings on the back of an equity markets drop.
Arriva climbed 21.75p, or 6.6%, to 350p as the bus firm has plans to buy SAB Autoservizi SrL, the Italian biggest private bus operator, for £58m.
GlaxoSmithKline dropped 18p, or 1.3%, to 1,400p as the world's largest maker of HIV drugs faces a lawsuit by a U.S. AIDS group, which says the company's patents on some of its HIV drugs are invalid.
Holmes Place Plc climbed 24.5p, or 20%, to 149.5p, after the British owner of fitness clubs - which in May reported stalling revenue - said its chief executive officer and his deputy may make a bid for the company.
Pearson Group also rose 37 pence, or 5.7%, to 689.5p after the Bank of America raised the publisher of the Financial Times and Financial Adviser to "market perform" from "sell" after the shares recent decline.
In the US, investors nerves are getting the better of people again as there are fears another terrorist attack might occur in a couple of days on July 4th.
The Standard & Poor's 500 Index and the Nasdaq Composite Index fell, while 3M Co added the most value to the Dow Jones Industrial Average after stating second-quarter earnings exceeded forecasts.
The S&P 500 fell 5.94 points, or 0.5%, to 984.55 while the Dow added 2.70 points to 9245.25 and the Nasdaq slid 27.07 points, or 1.9%, to 1436.20.
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