The FTSE 100 closed higher today as oil stocks recovered some of the losses they've suffered ov...
The FTSE 100 closed higher today as oil stocks recovered some of the losses they've suffered over recent days. Gains for cyclical and banking stocks also helped the FTSE 100 add 52.8 points to 5291.
Oil stocks bounced today but further declines could be on the horizon if OPEC fails reach an agreement regarding oil production quotas. Index heavyweight BP Amoco added 11.5p to 503p whilst Shell fared best with an advance of 21p to 477p.
British Airways improved upon the 17% gain it enjoyed yesterday with a rise of 2.5p to 219.5p. UBS Warburg added further buying impetus after it upgraded the stock to buy from hold and gave it a target price of 300p.
Gains amongst the FTSE 100 were led by ICI who advanced 24p to 405p. The group has benefited from recent falls in the price of crude.
Mining stocks led FTSE 100 fallers as investors reasoned the groups' revenues are exposed to the declining price of oil. Billiton slipped 16p to 320p and Anglo American lost 54p to 1000p.
Over in the US at midday, key markets were slightly lower as the Dow Jones slipped 11 points to 9861, the Standard & Poor's 500 lost 4 to 1137 and the Nasdaq dropped 3 to 1896.
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