Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Shell and BP boost FTSE as oil jumps on UK outage

Shell and BP boost FTSE as oil jumps on UK outage
 

Oil majors have led the FTSE 100 higher after the closure of a major UK pipeline helped lift the price of Brent crude above the $65 mark.

The UK blue-chip index rose 18 points, or 0.2%, to 7,471, with Shell (RDSb) and BP (BP) among the risers, up 1.2% at £24.41 and 1.3% higher at 505p respectively.

They were boosted by a 1.4% jump in the price of Brent cruse, to $65.62 a barrel, after the Forties pipeline, which carries North Sea oil across land, was closed following the discovery of a crack.

'The Forties pipeline system transports about 450,000 barrels a day of crude oil,' said Jason Gammel, analyst at Jefferies. 'Forties is one of the four components of the Brent pricing system, and if the duration of the outage is for several weeks it should put upward pressure on the Brent price.'

It was the same story on the FTSE 250, where oil stocks led the way, with Cairn Energy (CNE) up 3.4% at 222.9p and Tullow Oil (TLW) rising 3.3% to 196.5p.

Supermarkets Morrisons (MRW) and Sainsbury's (SBRY) were meanwhile rooted to the bottom of the FTSE 100, down 3.1% at 214.6p and 2.8% lower at 237.9p respectively, after data from market researchers Kantar Worldpanel showed both were lagging sales growth at Tesco (TSCO).

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: Affinity’s Julia Warrander on the importance of diversity

1 Comment Profile: Affinity’s Julia Warrander on the importance of diversity

'Sometimes there are 10, sometimes 20 people around a table and, more often than not, I’m the only woman,' says the Affinity Wealth co-chief investment officer

Wealth Manager on Twitter