FTSE 100 movers: Oil shares slip with crude price

14th Sep 2009 14:15

Oil shares have taken over from the miners as the weak spot today. The price of crude has fallen back to under $69 per barrel, clipping recent gains in Cairn Energy, Tullow and BG, which announced a monster oil find in Brazil last week.Marks & Spencer picked up as Morgan Stanley upped its price target by 36% to 380p. The upgrade reflects the better than expected pensions position with the full-year results.Shares in speciality chemicals group Johnson Matthey fell back after Morgan Stanley downgraded its rating on the stock to 'equal-weight' from 'overweight.' The broker raises its price target on the firm to 1,450p from 1,400p, but sees little upside potential beyond this. It says its downgrade of Johnson Matthey implies a more negative overall stance on the UK chemicals sector.FTSE 100 - RisersCobham (COB) 212.40p +2.16%BAE Systems (BA.) 338.00p +1.68%Unilever (ULVR) 1,643.00p +1.36%Marks & Spencer Group (MKS) 373.50p +0.95%Scottish & Southern Energy (SSE) 1,163.00p +0.87%Intertek Group (ITRK) 1,222.00p +0.83%Pearson (PSON) 743.00p +0.75%National Grid (NG.) 615.50p +0.74%Cadbury (CBRY) 780.00p +0.58%AstraZeneca (AZN) 2,733.50p +0.50%FTSE 100 - FallersEurasian Natural Resources (ENRC) 834.00p -4.14%Vedanta Resources (VED) 1,867.00p -3.36%Cairn Energy (CNE) 2,679.00p -3.35%3i Group (III) 298.40p -2.80%Fresnillo (FRES) 715.00p -2.79%Tullow Oil (TLW) 1,066.00p -2.74%Autonomy Corporation (AU.) 1,400.00p -2.71%BG Group (BG.) 1,105.00p -2.64%Kazakhmys (KAZ) 1,069.00p -2.46%Johnson Matthey (JMAT) 1,414.00p -2.28%