|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Tuesday 02nd of December 2008
August 17, 2006

Oil down, airlines up in London


by Elaine Frei

In London’s equities markets on Thursday, the FTSE 100 was up, but only by 3.8 points to 5,900.4 and the FTSE 250 added 0.4 percent to 9,486.6 as miners and airlines saw advances but the oil sector was mostly lower.

Dropping crude oil prices sent shares in air carriers up as British Airways added 2.7 percent to 293p and EasyJet was 3 percent higher to 425½p. Lower costs for oil also helped cruise operators, as Carnival gained 6.4 percent to £21.72.

The oil sector, on the other hand, saw losses on the day as both Royal Dutch Shell and BG Group fell 1 percent, to £19.17 and 708p respectively. The exception was Cairn Energy, which added 3 percent to £20.80 on Merrill Lynch’s repeated “buy” recommendation, which cited the IPO of Cairn’s India operations as likely to send share prices higher.

Bids rumors sent the mining sector higher. Anglo American added 2 percent to £24.20 as Morgan Stanley commented that mergers and acquisitions are driving the sector and raised the miner’s recommendation from “underweight” to “overweight”. Meanwhile, Vedanta Resources gained 3.1 percent to £13.83 on positive comments from Goldman Sachs.

M & A rumors also sent Corus Group up by 3.2 percent to 407½p with the talk that Evraz and Severstal are both looking at offering for the steel maker.

Among loser on the day was SAB Miller, which dropped 2.9 percent to £10.40 when UBS lowered their recommendation on the brewer from “buy” to “neutral”.

Discuss this in the Finance Markets forums

Story link: Oil down, airlines up in London


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

 

Previous: « Cars, semiconductors higher in Europe
Next: New York markets gain for fourth straight day »

Visited 194 times, 1 so far today