FTSE creeps higher; integrated oils support

The leading share index in the UK was slightly higher on the last session of the week as the rising price of oil helped to push up the FTSE 100. By the end of Friday, the blue chips were up by 0.5 per cent, rising more than 25 points to finish at 5649.

Chris Bradshaw
shareprices.com - Monday, January 09, 2012

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The integrated oil firms were the success story of the day, adding approximately 15 points to the FTSE 100. The industry was pushed higher as the predictions for the price of Brent oil rose over concerns that Iran may block a vital trade route. Investors also turned to integrated oils for their defensive qualities in a turbulent market.

Macquarie Research was one of the drivers for the demand for oil firms as it said that the cost of oil would be more than a fifth higher than previously anticipated. It also raised its forecast for several oil-related stocks.

Royal Dutch Shell was one of the notable risers, adding 1.7 per cent whilst Petrofac moved upwards by 3.4 per cent.

On an individual level, the best stock in the blue chips on Friday was Burberry, gaining 3.9 per cent. The luxury goods firm is due to provide its latest sales figures in the next 10 days but experts pointed to its popularity in the lucrative China market as a key positive.

Not faring quite as well were the food retailers, with investors nervous ahead of trading updates due shortly. Supermarkets performed particularly poorly with Tesco off by 0.8 per cent and Morrisons 1.5 per cent lower.

 

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