FTSE revives with boost from energy

The top share index in the UK jumped higher on Tuesday as the price of oil moved upwards. By the close of trade the FTSE 100 had climbed by 1.8 per cent, adding more than 1.2 per cent to finish at 5490.

Chris Bradshaw
shareprices.com - Tuesday, December 13, 2011

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The rise in the blue chips was triggered by the oil and gas industry outperforming the index, with an overall gain of 2.3 per cent, following the trend being set by the price of crude oil. The increase in the price of crude was precipitated by news that one of the main channels for oil exports from the Persian Gulf could be closed by the Iranian military.

BG Group was the fourth highest riser in the index, climbing by 3.21 per cent whilst its peers Tullow Oil and Royal Dutch Shell were just behind, moving upwards by 3.09 and 2.71 per cent respectively. Oil engineering specialist IMI and Weir were both also in the blue riding on the increase of the commodity and adding 1.73 and 3.43 per cent.

Miners also regained some of the points they saw wiped off in recent days as strong sentiment from Australia boosted the industry. Vedanta Resources was the second highest climber of the day with a rise of 3.38 per cent whilst Rio Tinto and Randgold Resources also put in good performances, up by 2.12 and 1.73 per cent.

The continuing uncertainty in the eurozone conspired to keep the banking sector on the back foot, with Barclays, Standard Chartered and Royal Bank of Scotland all amongst the bottom 10 stocks of the day with losses sweeping downwards between 1.57 per cent and 0.78 per cent.

 

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