UK stock movements were influenced by political developments in Venezuela today as the reappointment...
UK stock movements were influenced by political developments in Venezuela today as the reappointment of Venezuelan president Hugo Chavez pushed the oil price up and oil stocks along with it.
BP and Shell Transport & Trading Company both rose 1.9% to their respective 595p and 506p prices after the May price of a barrel of oil rose 1.4% to $24.62.
But it was not just oil stocks which have seen substantial climbs as Vodafone, last week's dog stock, bounced back almost 5% and helped to keep the FTSE 100 afloat at 5196.7 points, up 35.7 points or 0.7%.
Britannic gained 3.7% t 770p after a national newspaper reported Royal London is in talks to buy the insurer.
Exeter Investment Group, however, fell 15% to 227.5p after extending its losses to 62% this year and declaring profit growth will slow in the second quarter as some trusts have lost value.
US stocks are not doing so well, however, as some of the biggest names are suggesting their corporate earnings in the future may not match potential economic growth, which many analysts say will rebound soon.
Both Citigroup and General Electric lost ground, bringing the S&P 500 Index down 0.8% to 1101.95 while the Dow Jones Industrial Average fell 0.9% to 10,096.02. But both indices were kept afloat somewhat by oil stocks which have risen on the back of Venezuelan activity.
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