Oil sends FTSE 100 higher
by Elaine Frei
The FTSE 100 was up by 0.5 percent to 5,678.6 in London on Wednesday as the oil sector saw gains as crude oil prices were up again. The FTSE 250, however, dropped slightly to 9,197.2. Trade volumes remained below average, with only 2.4 billion shares changing hands.
BP added 0.9 percent to 618½p, BG Group was up 1.2 percent to 707p, and Royal Dutch Shell gained 1.4 percent to £18.41. Merrill Lynch confirmed its “overweight” rating for the sector as a whole.
PartyGaming dropped 2.1 percent to 113½p. Analysts believe that the drop is due to selling of the internet gaming company’s stock, which they bought earlier this month when four of PartyGaming’s founders sold 5 percent of the company.
In the media sector, EMI added 8.4 percent to 307½p on the news that it has turned down an offer worth 320p per share from Warner Music.
Corus Steel added 1.3 percent to 434p amid rumors that it has received a bid from either Severstal of Russia or Tata Steel of India. Earlier in the week, Severstal failed to completel a deal with Arcelor.
In the utilities sector, Severn Trent dropped 3.1 percent to £11.35 and United Utilities fell 3.3 percent to 630p.
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