The FTSE 100 index up by about 22 points to 5,030 this morning on oil, technology and mining company gains.
Warnings of a storm possibly approaching oil rigs in the Gulf of Mexico has sent next week’s oil price higher, while Intel has buoyed technology stocks around the world by saying it will beat previous second quarter sales forecasts.
BP and Shell together have added about 8 points to the FTSE thanks to their respective weightings in the index. BP’s share price is up 6.5p to 570p, while Shell is up 6.5p to 490.5p.
Reuters is up 8.25p to 408.25p after yesterday confirming its rejection of a bid to buy Instinet, an electronic trading platform it has already pledged to sell to market operator Nasdaq. The company’s shares have gained from 375p in mid-May.
Mining stocks are up on a report Chinese demand for copper gained more than 6% in the second quarter compared with the same period last year.
Antagofasta, the Chile-based copper miner is up 10p to 1,190p.
BHP Billiton is up 6p to 676p, also riding a higher oil price as oil-related activities make up a good percentage of its activities.
Rio Tinto is up 12p to 1,647p.
Defensive pharmaceutical and tobacco stocks are down.
GlaxoSmithKline has shed 12p to 1,363p. Imps is down 8p to 1,536p, and Gallaher is off by 5.5p to 849.5p.
British Airways is down 1.25p to 278p.
Stocks gained in the US overnight. The Dow Jones Industrial Average index climbed 26.16 points higher to close at 10,503.02. The broader S&P 500 index added 6.26 points to 1,200.93.
Nasdaq’s Composite index gained 16.73 points to 2,076.91.
ExxonMobile gained most on the Dow, up $1.71 to $58.44 by the close.
Intel added $0.58 to $27.67 after raising its second quarter revenue estimate for a second time, saying it would beat previous forecasts delivered in April. Hewlett-Packard gained $0.33 to $22.76.
Caterpillar, which sells mining equipment, has followed the mining sector higher, adding $0.87 to $97.45.
Indices in Asia also climbed earlier today. Tokyo’s Nikkei 225 index added 143.35 points to 11,304.23, while Hong Kong’s Hang Seng rose about 40 points to 13,928.
In Tokyo, camera makers Konica Minolta and Olympus are both up, respectively having gained 43 yen to 987 yen and 75 yen to 2,160 yen. Konica Minolta said earlier this wee sales of its cameras in China would double by early 2009.
Sumitomo Chemical dropped 5 yen to 503 yen after Morgan Stanley cut its rating to ‘equal-weight/in-line’.IFAonline
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