Trading on the London Stock Exchange has been hit for the first time in a while by oil trading this morning, after OPEC announced it was cutting production.
The FTSE 100 index is currently down 5 points to just over 4400, at 4401, with BP leading the gains, while the FTSE All-Share index is also down 2 points to 2202. BP saw its share value rise 8p or 1.8% to 453p after Saudi Arabia announced OPEC – the Organization of Petroleum Exporting Countries – will cut output targets to maintain the price of oil which in turn helped to keep the oil price over $31.80. Its rival, Shell, also gained just 0.75 penny, or 0.2% to 364.5p. Severn Trent, the water services company, climbed 4.5p or 0.6% to 750p after a ratings upgrade by Morgan Stanley. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
