FTSE finishes higher; burst of energy for commodities

The leading share index in Britain finished higher on Tuesday, as investors awaited a vote of confidence in the Greek government. Commodities led the FTSE 100 higher as it closed up by 1.4 per cent to reach 5775, a substantial climb of nearly 82 points which more than reversed Monday's losses.

Chris Bradshaw
shareprices.com - Tuesday, June 21, 2011

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The price of crude rose sending oil firms higher, with the sector gaining 1.99 per cent overall. BG Group was a significant riser, adding 2.7 per cent to its share price. Fellow oil firm BP Royal Shell also performed well, climbing by 3.7 per cent as it received agreement from Weatherford, the equipment maker responsible for that used in the Gulf of Mexico oil spill disaster, that it would pay $75 million as it share of the costs.

The single highest gainer on the blue chip index was Whitbread, who rose by 6.9 per cent as the firm reported strong performances from its London branches. The restaurant group saw particularly strong returns from its Costa Coffee operation.

At the opposite end of the spectrum, the firm moving the furthest in the wrong direction was SABMiller, shedding 3.6 per cent. The fall came as it tried to bid for rival firm Fosters, only to meet with a firm rebuttal for its A$9.5 billion bid. However, Fosters are believed to be vulnerable and experts predict the rejected bid will only serve to undermine the firm further, raising further questions about its underlying cash flow.

 

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