The FTSE 100 rose today, led by BP and Shell as the price of crude oil rose again. The FTSE was up 7...
The FTSE 100 rose today, led by BP and Shell as the price of crude oil rose again. The FTSE was up 73.2, or 1.8%, to 4144.2.
BP and Shell, which together make up more than 13% of the FTSE 100, accounted for more than a quarter of the index's climb today. The FTSE All Share Index added 32.07, or 1.6%, to 1988.62.
Stocks climbed as the government reported British economy grew more than initially reported in the third quarter.
BP's price rose 17p, or 4.3%, to 417. Europe's second-biggest oil company by market value gained as crude advanced for a fifth day in six. Crude for January settlement climbed as much as 2.3% to $25.42 a barrel in London after the American Petroleum Institute reported an unexpected drop in US inventories as refiners boosted processing to meet fuel demand.
Shell Transport & Trading, owner of 40 percent of Royal Dutch/Shell Group, advanced 12.5p, or 3.1%, to 413.5. Oil shares also climbed as Chancellor of the Exchequer Gordon Brown said the government will end state royalties on the North Sea's oldest oil fields from January 1.
Abbey National gained 28.5p, or 4.5%, to 667.5. The mortgage lender, which has lost 32% of its value this year, said it will cut an undisclosed number of jobs after announcing plans to slash its dividend and sell assets as mounting bad debt leads to the first annual loss since selling shares to the public in 1989.
Allders gained 7.5p, or 5.1%, to 155. The department-store chain, which is in talks to be bought by Minerva, said it is contact with other companies that are interested in acquiring it.
Brewin Dolphin gained 5p, or 14%, to 41.5. The brokerage firm said discretionary funds under management rose 5% in its latest financial year even as the FTSE 100 fell 24 percent.
British Energy advanced 0.37 penny, or 2.2%, to 16.88p, paring a climb of as much as 12%. The European Commission approved a maximum amount of £1.18 billion in emergency UK government aid to keep the country's biggest power generator from collapsing. The shares have jumped 69% this week.
Granada rose 4p, or 4.7%, to 89. The largest shareholder in Britain's biggest commercial-television network said advertising revenue rose 5% in the second half as phone and financial-services companies started spending again after the worst industry slump in at least a decade.
LA Fitness lost 20.5p, or 16%, to 110.5. The operator of 55 fitness clubs in Britain and one in Spain said it plans to review the pace of its club-opening program as rivals report slowing sales.
Rival Holmes Place declined 8p, or 8.3%, to 88.5. Fitness First, another health-club operator, dropped 8p, or 5.7%, to 133.5.
Rio Tinto rose 36p, or 3%, to 1,252 after an analyst at Goldman, Sachs raised his recommendation for the mining company to ``outperform'' from ``in-line'' because of higher earnings from sales of iron ore and alumina to China.
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