Sector movers: Energy stocks hammered as crude falls, risk appetite declines
10th Mar 2015 15:22
Every sector on London's stock market was either flat or trading in the red on Tuesday afternoon, with energy stocks bearing the brunt of the sell-off as risk appetite collapsed. "Rising share prices are few and far between on the FTSE 100 this afternoon, thanks to a heady cocktail of worries that h
Read moreBP makes second gas discovery in Egypt
9th Mar 2015 10:53
Oil and gas giant BP has made a second gas discovery in his offshore site in the East Nile Delta in Egypt. The group said drilling on the Atoll 1 deep water exploration well has reached 6,400 metres depth, after penetrating over 50 metres of gas pay in high-quality oligocene sandstones, and will be
Read moreLondon close: Stocks retreat as Fed rate fears outweigh ECB stimulus
6th Mar 2015 16:36
One day after loose monetary policy in Europe pushed UK stocks to a new record high, fears about a sooner-than-expected tightening in the States dragged markets lower on Friday after a forecast-smashing US jobs report. Mining stocks were providing a drag in London as commodity prices weakened in the
Read moreSantander downgrades BP and Shell despite modelling higher oil price
6th Mar 2015 12:45
Santander has downgraded UK oil majors Royal Dutch Shell and BP, both primarily on valuation but also with the view that both are likely to struggle in 2015. The bank downgraded BP to an 'underweight' recommendation from 'hold', and cut Shell to 'hold' from its previous 'buy' stance. On the upside,
Read moreBP gives green light for $12bn Egyptian investment project
6th Mar 2015 10:48
BP has confirmed it is to plough ahead with its £12bn West Nile Delta (WND) project in Egypt, with production slated to begin in 2017. The oil and gas giant said the 65%-owned project would produce up to 1.2bn cubic feet a day for sale into the local market, roughly a quarter of Egypt's current gas
Read moreSector movers: Oil stocks track crude prices lower ahead of stockpile data
19th Feb 2015 15:41
Oil producers and energy services stocks were hit on Thursday by a tumble in the price of crude on the back of speculation that US government data will show that oil stockpiles rose to a record high last week. Industry group, The American Petroleum Institute, said on Wednesday that stockpiles of cru
Read moreFTSE 100 movers: Centrica drops, oil and gas stocks lower
19th Feb 2015 14:14
With oil and gas prices plummeting, Centrica took dramatic action by slashing its dividend and future payout policy, warning that earnings for next year will be lower than expected too. Shares in the British Gas owner dropped sharply the company cut its dividend 21% to 19.2p, which will be a "major
Read moreLondon close: Stocks rise on Ukraine ceasefire, but gains modest
12th Feb 2015 17:13
UK stocks rose for the first time in five sessions on Thursday after a ceasefire was agreed in eastern Ukraine, though ongoing concerns about Greece and weak economic data from the States limited upside. Investors were also digesting comments from the Bank of England as it upgraded its UK growth for
Read moreOil prices won't hit $100 a barrel for a long time, says BP CEO
3rd Feb 2015 19:49
Bob Dudley, the chief executive (CEO) of oil giants BP, has told investors to put the thought of $100-a-barrel oil out of their minds for a "long time." "It will be a long time before we see $100 again," he told Bloomberg. Speaking to Bloomberg Television on Tuesday, Dudley suggested the price oil
Read moreLondon close: Footsie at five-month high as Greek concerns ease, oil stocks surge
3rd Feb 2015 17:12
Strong gains in the oil sector pushed UK stocks to their highest in five months on Tuesday, helped by an easing of concerns about Greece. The FTSE 100 finished 1.3% higher at 6,872, its best close since 4 September when it settled at 6,878. The new government in Greece has proposed swapping its out
Read moreSector movers: Oil stocks rise as crude rally continues, BP impresses
3rd Feb 2015 14:41
Oil and gas producers were tracking the continued rally in crude on Tuesday, with strong gains from BP supporting the sector. Brent futures for March delivery were up 1.8% at $55.71 a barrel in afternoon trade, rising for the fourth straight session as a mass refinery strike in the States continued.
Read moreLondon midday: Rising commodity prices boost resource stocks, BP gains
3rd Feb 2015 12:25
Better-than-expected UK data and positive developments in Greece resulted in a surge on London's stock market on Tuesday, with resource stocks leading the rise. The FTSE 100 was up 1.2% at 6,861 by midday, helped by big gains from oil and mining stocks as commodity prices strengthened. BP was also l
Read moreBP's results please but Hargreaves Lansdown warns of uncertainty ahead
3rd Feb 2015 10:13
BP is broadly rated by the market consensus at a 'buy' after results beat forecasts on Tuesday, though Hargreaves Lansdown Stockbrokers warned investors not to be complacent if crude prices remain at depressed levels. "Set against headwinds which would have blown lesser forces off course, BP has con
Read moreLondon open: BP leads stocks higher on Greek optimism, stronger commodities
3rd Feb 2015 09:11
UK stocks surged on Tuesday on the back of optimism surrounding Greece's proposed debt plan, while rising commodity prices gave resource shares a boost. Within the first hour of trade, the FTSE 100 was up 1.1% at 6,857, led by gains in the oil and mining sectors, with BP among the best performers af
Read moreLondon pre-open: Greek debt plan to lift stocks early on
3rd Feb 2015 07:50
Optimism surrounding Greece's proposed debt plan is expected to lead to a higher open on UK stock markets on Tuesday. City sources predict the FTSE 100 will open 23 points higher than Monday's close of 6,782.55. The new government in Greece has proposed using debt swaps for new growth-linked bonds,
Read more