Oil helps FTSE stave off losses

clock

The FTSE 100 index gained 6.10 to close at 4,412.80 after OPEC calls to cut oil output by the cartel's members sent spot oil prices soaring and BP and Shell's shares up in London.

BP added 12p to 457p on the news, driven also by positive City reactions to its meeting with equities analysts yesterday, which resulted in a raft of upgraded recommendations on the stock today. Shell added 3.5p to 367.25p. Allied Domecq gained 7p to 449.25p after announcing surging demand for single malt whiskey has encouraged it to reopen a distillery on Scapa. Rolls Royce dropped 2.25p to 224.5p after signing a three-year deal to buy nickel alloys from South Africa for use in engine manufacturing in the UK, Italy and China, although the value of the deal was not announced. Th...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Investment

FCA takes civil action against Neil Woodford and W4.0 for 'operating without authorisation'

FCA takes civil action against Neil Woodford and W4.0 for 'operating without authorisation'

Accused of breaching FSMA

Michael Nelson
clock 08 June 2026 • 2 min read
M&G's PruFund coming to Scottish Widows Platform

M&G's PruFund coming to Scottish Widows Platform

First third-party platform launch

Jen Frost
clock 08 June 2026 • 2 min read
Investors move from cash to US equities as confidence improves

Investors move from cash to US equities as confidence improves

Investment Association figures show

clock 05 June 2026 • 3 min read