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European equity markets down on oil pressure

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by Brian Turner
European equity markets down on oil pressure

The European equities markets were lower on Monday with the continuing rise in crude oil prices.

The FTSE Eurofirst 300 fell 0.05 percent to 1139.13, with advances in the oil sector offset by some profit-taking in other sectors.

Companies benefiting from the rise in oil prices included BP, with a gain of 0.7 percent to 490.5p and Royal Dutch, which gained 0.9 percent to €52.

France led the retreats in major equities markets, losing 0.7 percent on the day to 4193.4. Michelin lost 1 percent to €51 on safety issues. The US Grand Prix ended up a 6-car race on Sunday after all the cars using Michelin tyres pulled out of the event when the company said that it could not guarantee the safety of their tyres for the duration of the race.

Meanwhile, in London, the FTSE 100 was down 0.1 percent to 5,072.0 and the FTSE 250 fell 0.3 percent to 7,335.7 on 2.2 billion shares traded.

Again, oil companies benefited, as BG Group was up 1.5 percent to 455 ¾p and Shell rose 0.6 percent to 519 ¾p.

On the other hand, companies with high oil expenditures took losses. ICI fell 2.9 percent to 266 ½p, while British Airways lost 1.7 percent to 272.25 p.

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News posted: June 20, 2005

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