Jump to content

Oil stocks lift UK's FTSE 100 after dull start


Recommended Posts

Oil stocks lift UK's FTSE 100 after dull start

Reuters.pngStock MarketsJan 05, 2022 
 
 
 
Oil stocks lift UK's FTSE 100 after dull start© Reuters. FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

By Bansari Mayur Kamdar

(Reuters) -UK's blue-chip index extended gains for the second straight session on Wednesday, as a rally in oil stocks helped counter early gloom amid concerns about tighter U.S. monetary policy.

The FTSE 100 reversed course to rise 0.2%, after falling as much as 0.2%, while the domestically focussed mid-cap index added 0.1%.

Oil majors BP (LON:BP) and Royal Dutch Shell (LON:RDSa) gained about 1.5%, extending gains from the previous session, with the decision by major producers to add supply next month being seen as a sign of confidence. [O/R]

"Demand for oil has held up and is proving able to largely withstand the latest coronavirus wave ... suggesting a global economy that is becoming more adept at dealing with the problems caused by the virus," said Stuart Cole, macroeconomist at Equiti Capital.

Prime Minister Boris Johnson said on Tuesday that England could withstand a surge in COVID-19 infections without shutting down the economy as Britain reported another record daily high in cases, fuelled by the Omicron variant.

Asian stocks skidded and other European shares took a breather on Wednesday as higher U.S. Treasury yields weighed on global technology firms, while Chinese regulatory moves on tech firms added to the downbeat mood.

"Evidence of a more robust response being contemplated by the FOMC (Federal Open Market Committee) could see equity markets struggle a bit today," Cole added.

 

Some positive brokerage action offset losses on the FTSE 100.

London Stock Exchange Group (LON:LSEG) gained 2.2% after Citigroup (NYSE:C) upgraded its shares to "buy", while online grocer Ocado (LON:OCDO) and plumbing products distributor Ferguson added 4.9% and 0.5%, respectively, following rating upgrades by Berenberg.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Massa is making waves in the DeFi space with its innovative approach to blockchain technology. Their unique blockclique architecture boasts a staggering 10,000 transactions per second, putting them at the forefront of scalability and efficiency. Furthermore, their Autonomous Smart Contracts (ASCs) empower fully on-chain dApps, reducing reliance on centralized control. This focus on decentralization is further emphasized by the project's impressive network growth. Their testnet has ballooned to over 8,000 nodes, and their social media presence has exploded with tripling Twitter followers and a Discord community exceeding 105,000. Recent collaborations with Starknet, Umbrella, and Hyperlane solidify their commitment to fostering a robust DeFi ecosystem. Listing on Bitget and the backing of over 100 well-respected investors paints a promising picture for Massa's future as a major DeFi player.
    • Nettensor is making waves in the tech industry by offering a unique combination of AI infrastructure and advanced blockchain solutions. They leverage cutting-edge hardware to deliver fast, efficient, and powerful products designed to streamline the convergence of these two revolutionary technologies. It boasts a comprehensive suite of services, including NetCloud, NetGPU, NetApp Chain, and NetVPN. Notably, their native token, NAO, recently debuted on the Bitget exchange and has been experiencing a positive initial price trend. With its focus on simplifying and elevating the synergy between AI and blockchain, Nettensor is positioned to be a key player in the future of decentralized applications. But will NAO's bullish start translate into long-term success? Only time will tell.
    • The spike in volume you're noticing around 7 pm could be related to the closing of trading sessions or the release of important news. Regarding your experience with a sudden wick spike, this is a common challenge in trading. Setting appropriate stop-loss levels and being prepared for volatility can help manage such risks. As for news sources, financial news outlets like Bloomberg, Reuters, and CNBC can provide valuable insights into market trends. Also, I came across this interesting platform, smarterbusiness.co.uk, which helps businesses find optimal utility providers. While it may not be directly related to trading, having access to the right info and resources can be crucial in any business endeavor.
×
×
  • Create New...
us