FTSE crosses 5,200 on oil price rise

The FTSE 100 index is up 0.5% to 5214.5 points within the first hour of trading, as Hurricane Cindy is threatening to disrupt oil flow in the Gulf of Mexico and pushed the price of oil to just under $60 a barrel on August delivery. Shell Transport & Trading and BP has seen their share prices rise on the back of higher prices, so Shell is up 5.75p or 1% to 569.5p while BP has added 6.5p or 1% to 629p. Somerfield, the supermarket chain, is also up 2.25p or 1.2% to 193.25p as the firm is still in takeover talks with two groups and the company has announced second-half net income rose fro...