BT deal and oil resurgance lead to late FTSE rally – London Report

first_img Share BT deal and oil resurgance lead to late FTSE rally – London Report whatsapp Tags: Company FTSE 100 THE FTSE 100 recovered from earlier losses, as a late rally yesterday in crude oil prices boosted energy stocks and telecom firm BT Group advanced after its strategic acquisition of mobile operator EE.The UK Oil and Gas index rose 1.2 per cent after crude jumped about 5 per cent on falling output and rising violence in Libya.“Valuations are beginning to look more attractive and could give rise to merger and acquisition activities in the energy sector. Investors are looking to take advantage of any rise in crude oil prices,” Securequity sales trader Jawaid Afsar said.The blue-chip FTSE 100 index ended 0.1 per cent higher at 6,865.93 points after falling to an intra-day low of 6,808.19 points earlier in the session.Energy companies featured among the top gainers, with shares in Tullow Oil, BG Group and Weir Group rising 2.3 to 5.6 per cent.“With a surge in oil prices, people have been buying oil-related stocks to benefit from the intra-day price moves,” Tom Robertson, senior trader at Accendo Markets, said.“We’ll have to wait to see if the oil price settles, but whilst this uncertainty in oil continues, the related companies could be ideal intraday trading candidates.”The FTSE 100 index was also supported by a 4.5 per cent rise in BT to a 14-year high after it agreed a £12.5bn deal for EE.However, investors stayed cautious due to jitters in Greece after the European Central Bank (ECB) hardened its financing rules for Greek banks, sending their shares sharply lower and dragging down markets.The ECB abruptly cancelled its acceptance of Greek bonds in return for funding, shifting the burden onto Athens’ central bank to finance its lenders and isolating Greece unless it strikes a new reform deal.“The ECB is trying to keep Greece in line by cancelling its acceptance of Greek government bonds in exchange for funding, sending a ripple through equity markets. The ECB is showing Athens who is boss,” IG analyst David Madden said.Among other sharp movers, drug-maker AstraZeneca fell 3.4 per cent, the top faller in the FTSE 100 index, after saying its fourth quarter results missed expectations.However, mid-cap company Rexam surged 20 per cent after saying it was in talks to be potentially bought by US rival Ball Corp in an offer that values the company at about £4.29bn. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comColin Kaepernick to publish book on abolishing the policethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Show Comments ▼ Thursday 5 February 2015 7:53 pm Express KCS whatsapplast_img

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