FTSE Lifted By Shell Outlook

The FTSE 100 made some modest gains yesterday, as Royal Dutch Shell boosted the UK market, after announcing that it was going to reinstate all-cash dividends.

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shareprices.com - Wednesday, November 29, 2017

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Shell said that it would be bringing an end to its scrip dividend programme, which makes payouts in shares instead of paying out in cash. The scheme was introduced in 2015 to help cut spending, because oil prices fell from more than $100 a barrel to less than half that.

The news of the return of cash dividends helped shares to close up by four percent, as the company also boosted its cash flow estimate to $30 billion, from $25 billion, expecting to hit that target by 2020.

Royal Dutch Shell was the top performer in the FTSE 100, and the index overall closed up by 76.75 points - to 7460.65. Another strong performer was EasyJet, who was boosted by broker upgrades. Shares in the airline increased by 1.7 percent, after the airline was upgraded to ‘buy’ by Kepler Cheuvreux, and up to ‘hold’ by Societe Generale.

Meanwhile, in the mid-caps, Ocado gained 21 percent after announcing a new international partnership with Groupe Casino, which will allow the supermarket giant to use Ocado’s technology to power their own ecommerce arm. Ocado will also be building a warehouse that will serve Greater Paris, and the Houts de France and Normandie regions. This international partnership is something that Ocado has been working on building for a long time, and has been well received by investors.

 

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