FTSE 100 rises on energy stocks
Thursday 11th December 2008, 5:36PM GMT.
The FTSE 100 recovered slightly today despite more gloomy economic news to close 0.49 per cent higher.
Finishing at 4,388.69, the index had another volatile day with financial stocks falling as the pound reached a record low against the euro.
However, a rise in the price of oil sent energy stocks soaring. Tullow Oil shares rose 20.38 per cent, Fresnillo was 18.43 per cent higher and Cairn Energy was up 11.92 per cent.
Among the stocks trading lower today were insurers Friends Provident (down 9.32 per cent) and Standard Life (down 6.62 per cent).
Ahead of tomorrow’s HBOS shareholders’ meeting, shares in Lloyds TSB were down 5.45 per cent and HBOS shares fell 2.56 per cent.
David Jones, chief market strategist for IG Index, said: “Oil companies posted the day’s largest gains after news that Saudi Arabia – the world’s biggest exporter of crude – cut supply last month to boost flagging oil prices.
“With most economic news still very much recessionary in tone – figures from the US today revealed the fastest weekly jump in unemployment for 26 years – shareholders might well be asking themselves whether the FTSE’s recent spate of gains might come to an abrupt end.
“Yet for now at least, most shareholders seem willing to let the gloomy news fall on deaf ears and today’s strong showing has taken the index to its highest levels in a month, with investors now tentatively eyeing the 4500 mark.”
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