FTSE creeps up as National Grid leads the line
Britain's leading share index battled to fight back from recent losses sustained after the crisis in Japan and the volatility in Libya, with the FTSE 100 reaching 5718 by close of session on Friday, an increase of 0.4 per cent, with losses for the week capped at 1.9 per cent. However, despite the fight back, the index is still slumped 6.8 per cent lower than the high point of the year so far, attained on February 8 2011.
Chris Bradshaw
shareprices.com - Monday, March 21, 2011
The ongoing uncertainty in Libya led to fluctuating prices in the cost of crude oil, with more than $3 being added and lost to the price of a barrel in the space of minutes. After Libyan authorities announced that it was ceasing all action against rebel forces, the cost of oil retreated again, helping those sensitive to the price of the so-called liquid gold. Cruise tour operator, Carnival, was hit badly by the price of oil, dropping 0.6 per cent on the day. British Airways was another casualty of the oil worries, dropping earlier in the session but recovering and trading flat for the day.
Oil companies themselves also fell foul of market sentiment as Tullow Oil dropped 1 per cent and BG Group shed 1.3 per cent.
Elsewhere in the market, ARM Holding was one of the big fallers with the impact of the Japanese disaster affecting consumer confidence over the continuation of the supply of goods and parts.
However, one of the gainers of the session was the National Grid jumping up by 4.43 per cent after the regulator released details of its overview of industry price review.
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