Left Menu
Development News Edition

FTSE 100 hits nine-month high as oil prices jump

London's FTSE 100 rose to a nine-month high on Friday as a jump in oil prices boosted energy stocks, while investors remained focussed on Brexit trade talks with only four weeks left for Britain's transition period out of the bloc to end.

Reuters | Updated: 04-12-2020 14:54 IST | Created: 04-12-2020 14:54 IST
FTSE 100 hits nine-month high as oil prices jump

London's FTSE 100 rose to a nine-month high on Friday as a jump in oil prices boosted energy stocks, while investors remained focussed on Brexit trade talks with only four weeks left for Britain's transition period out of the bloc to end. The blue-chip FTSE 100 rose 0.8%, with BP and Royal Dutch Shell among the biggest gainers as major oil producers agreed to continue production cuts to overcome coronavirus-induced demand concerns.

The FTSE 100 has soared 17% in the past five weeks as news that a working COVID-19 vaccine would be available before year-end sparked hopes of a swift economic recovery, but analysts have cautioned about the near-term damage to the economy from sweeping business restrictions. "The vaccine is truly a wonderful development, but it's not going to instantaneously change the short-term economic performance," said Brian Hilliard, chief UK economist at SocGen.

Data on Thursday showed activity in the UK services sector in November suffered its first fall since June following a four-week partial lockdown across England. The mid-cap FTSE 250, considered a barometer of Brexit sentiment, rose 0.2%, led by the real estate, technology and consumer staples sectors.

Brexit trade talks are in a difficult phase and a deal can only be struck if the European Union accepts that Britain is a sovereign nation, a British minister said on Friday after London indicated that the chance of a breakthrough was receding. "This is not a seamless imperceptible transition to a new trading arrangement (and) there will be an impact on UK trade," Hilliard said.

In company news, McBride Plc jumped 10.6% after raising its full-year earnings outlook, helped by a surge in demand for hygiene and cleaning products. Housebuilder Berkeley Group shed 2.8% as it posted a fall in first-half profit and said the coming months would be crucial to gauge the impact of new lockdowns and Brexit.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Google Search on mobile gets major visual redesign to simplify results

Google has announced a major visual redesign of Search on mobile. The redesigned experience will be rolling out in the coming days, the company said.We wanted to take a step back to simplify a bit so people could find what theyre looking fo...

Hong Kong locks down district for compulsory COVID-19 testing

Hong Kongs government locked down an area of the Kowloon peninsula on Saturday, saying people there must stay home until all residents have been tested for the new coronavirus and results largely determined.The government said in a statemen...

Iditarod sled-dog race losing Exxon support amid animal-rights pressure

The worlds most famous sled-dog race, celebrated by Alaskans for half a century but condemned by animal-rights activists as inhumane, is losing one of its biggest corporate sponsors.Energy giant Exxon Mobil Corp. said on Friday it plans to ...

Mexico reports 21,007 new coronavirus cases, 1,440 more deaths

Mexicos Health Ministry on Friday reported 21,007 new confirmed cases of coronavirus infection and 1,440 additional fatalities, bringing the countrys total to 1,732,290 cases and 147,614 deaths.The government has said the real number of inf...

Give Feedback