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London open: Housing, oil stocks help markets rebound from eight-week low

Fri, 06th Dec 2013 08:52

- Housing and oil stocks provide a lift- Focus on Fed ahead of non-farm payrolls - Berkeley jumps as strong housing demand boosts H1 resultstechMARK 2,650.07 +0.07%FTSE 100 6,518.46 +0.31%FTSE 250 15,166.21 +0.06%The FTSE 100 rebounded slightly on Friday from an eight-week low, as bargain hunters stepped in ahead to some key economic data out from the States this afternoon.Strong gains in the housing and oil sectors were providing a lift in the UK this morning.London's benchmark index closed Thursday's session at 6,498.33, its lowest level since October 11th. Stocks have fallen for five straight days on the back of heightened speculation that the Federal Reserve will soon begin to pare its asset purchase programme amid signs of a stronger economic recovery.In particular, data released during yesterday's session showed a sharp drop in jobless claims, an upwards revision to third-quarter US economic growth and a less-than-expected decline in factory orders."In recent weeks we have seen a string of good economic data from the US which could suggest we are edging closer to Fed tapering," said Lee Mumford, Financial Sales Trader at Spreadex.Meanwhile, comments from regional Fed bank presidents continue to be closely watched ahead of the central bank's policy meeting on December 17-18th. Dennis Lockhart of the Atlanta Fed said on Thursday that "consideration" of tapering should be "on the table" at the Fed's meeting later this month.The remarks come ahead of the official jobs report this afternoon, which will likely be a key factor in the Fed's decision. The data is expected to reveal a 183,000 increase in non-farm payrolls for November, below the 204,000 gain in October, though the unemployment rate is forecast to fall from 7.3% to 7.2%.Berkeley jumps after first-half resultsBerkeley Group's shares surged after reporting a 19.2% rise in first-half profits of £169.2m in the first half, driven by strong demand in the housing sector. Others in the housing sector were also making gains this morning, including Persimmon, Bovis Homes, Redrow and Taylor Wimpey.Oil stocks were also providing a lift today after HSBC reportedly raised its forecast for Brent oil prices for next year. Tullow, BP, BG and Shell were among the best performers. Shell was making headlines this morning after ditching plans to build a $20bn gas-to-liquids plant in the US, saying it was "not a viable option". Telecoms group Vodafone rose after analysts at Berenberg upgraded their rating on the stock to 'buy' and lifted their target price from 233p to 265p.Pizza delivery group Domino's fell sharply after announcing its Chief Executive Officer (CEO) Lance Batchelor is stepping down. Batchelor, who has been CEO since December 2011, is leaving to join an undisclosed private equity backed company in a non-competing sector.Shire slumped after the Dublin-based drugmaker's Lifitegrast, a treatment for dry eye disease, met one goal in a study for eye dryness and missed another for inferior corneal staining.Sector peer AstraZeneca also fell despite saying that the European Commission has granted marketing authorisation to its nasally administered four-strain flu vaccine Fluenz Tetra. FTSE 100 - RisersLondon Stock Exchange Group (LSE) 1,621.00p +2.47%Persimmon (PSN) 1,180.00p +2.25%Royal Dutch Shell 'B' (RDSB) 2,138.50p +2.03%Petrofac Ltd. (PFC) 1,173.00p +1.82%Morrison (Wm) Supermarkets (MRW) 262.00p +1.63%Royal Dutch Shell 'A' (RDSA) 2,045.00p +1.56%BG Group (BG.) 1,228.50p +1.36%BT Group (BT.A) 368.50p +1.07%Vodafone Group (VOD) 228.25p +0.97%Tullow Oil (TLW) 893.50p +0.85%FTSE 100 - FallersRSA Insurance Group (RSA) 101.40p -1.65%Reckitt Benckiser Group (RB.) 4,773.00p -1.28%Burberry Group (BRBY) 1,483.00p -1.20%Shire Plc (SHP) 2,680.00p -1.00%Standard Chartered (STAN) 1,313.00p -0.87%Whitbread (WTB) 3,515.00p -0.87%Glencore Xstrata (GLEN) 303.45p -0.70%BAE Systems (BA.) 414.90p -0.67%Aberdeen Asset Management (ADN) 459.30p -0.58%International Consolidated Airlines Group SA (CDI) (IAG) 361.20p -0.50%FTSE 250 - RisersBerkeley Group Holdings (The) (BKG) 2,490.00p +9.11%Rank Group (RNK) 139.90p +5.19%Supergroup (SGP) 1,223.00p +3.47%AL Noor Hospitals Group (ANH) 829.50p +2.79%Taylor Wimpey (TW.) 108.70p +2.55%Perform Group (PER) 408.70p +2.17%Bellway (BWY) 1,423.00p +1.93%Bovis Homes Group (BVS) 768.00p +1.86%Crest Nicholson Holdings (CRST) 346.50p +1.79%Pennon Group (PNN) 643.50p +1.50%FTSE 250 - FallersDomino's Pizza Group (DOM) 481.20p -9.04%Diploma (DPLM) 678.00p -2.16%Computacenter (CCC) 632.50p -2.01%Millennium & Copthorne Hotels (MLC) 561.00p -1.92%Premier Farnell (PFL) 211.50p -1.77%Alent (ALNT) 344.00p -1.71%Carpetright (CPR) 521.50p -1.60%Rathbone Brothers (RAT) 1,507.00p -1.57%esure Group (ESUR) 243.70p -1.54%Enterprise Inns (ETI) 139.70p -1.48%BC
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30 Dec 2021 09:28

UPDATE 2-FTSE 100 edges down as COVID fears dull festive cheer

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Industrial stocks eye best performance in 23 years* Travel and leisure hit by Omicron fears* Ashtead the top YTD performer on FTSE 100* UK ...

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30 Dec 2021 05:33

UPDATE 5-Oil prices rise slightly ahead of OPEC+ meeting next week

* U.S. crude, fuel stocks fell last week; output rises -EIA* Saudi king says OPEC+ pact 'essential' for oil market stability (New throughout, updates prices, market activity and comments to settlement, adds OPEC+ meeting details and PSM details)By...

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28 Dec 2021 09:41

S.African court halts Shell's offshore seismic survey

CAPE TOWN, Dec 28 (Reuters) - A South African high court on Tuesday blocked Shell from conducting seismic testing offshore from South Africa's pristine Wild Coast, in the latest ruling in a case seeking to prevent the oil major from exploring for...

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27 Dec 2021 14:01

Mexican president says Pemex to close Deer Park deal in January

MEXICO CITY, Dec 27 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) will complete its purchase of a controlling interest in a Texas oil refinery in January, Mexican President Andres Manuel Lopez Obrador said on Monday.Mexico's go...

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24 Dec 2021 10:03

UPDATE 1-Russia says Europe missing out on gas with Nord Stream 2 delay

(Recasts, adds quote, background)MOSCOW, Dec 24 (Reuters) - Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday.Deputy Prim...

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24 Dec 2021 08:26

Russia's Novak: Nord Stream 2 hindered by politics

MOSCOW, Dec 24 (Reuters) - The launch of the Nord Stream 2 natural gas pipeline is being hindered by politics, but Russia still hopes its certification will be completed by mid-2022, Russian Deputy Prime Minister Alexander Novak said on Friday.The...

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24 Dec 2021 08:19

Russia says Nord Stream 2 a bargaining chip for U.S., EU, Interfax reports

MOSCOW, Dec 24 (Reuters) - The Nord Stream 2 gas pipeline project linking Russia with Europe has become a bargaining chip in a game played by the United States and the European Union, Russian Deputy Foreign Minister Sergei Ryabkov said on Friday, ...

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23 Dec 2021 14:14

Third Point's Loeb slams activists after UK fund chairman quits

LONDON, Dec 23 (Reuters) - Hedge fund Third Point's boss Dan Loeb on Thursday blamed the departure of the chairman of the firm's London-listed fund on "inexperienced" and "juvenile antics" of activist investors.Third Point Investors Limited (TPIL)...

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22 Dec 2021 20:56

Shell declares force majeure on Nigerian Forcados crude

LAGOS, Dec 22 (Reuters) - Royal Dutch Shell's Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement.The actio...

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22 Dec 2021 13:49

UPDATE 3-Mexico says U.S. approves Deer Park refinery deal, sees completion early 2022

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery in a transaction that should conclude early next year,...

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22 Dec 2021 13:49

UPDATE 2-Mexico says U.S. government approves Deer Park refinery deal

(Adds context, comment from Pemex CEO)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manu...

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22 Dec 2021 13:49

UPDATE 1-Mexico says U.S. government approves Deer Park refinery deal

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manuel Lopez Obrador said on...

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22 Dec 2021 13:15

Mexico says U.S. government approves Deer Park refinery deal

MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery, Mexican President Andres Manuel Lopez Obrador said on Wednesday.Lo...

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21 Dec 2021 19:06

UPDATE 1-Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

(Adds U.S. Treasury, CFIUS decline to comment)By Stefanie Eschenbacher and Gary McWilliamsMEXICO CITY/HOUSTON, Dec 21 (Reuters) - A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico's state oil company Petroleos M...

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21 Dec 2021 18:32

Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

By Stefanie EschenbacherMEXICO CITY/HOUSTON, Dec 21 (Reuters) - A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico's state oil company Petroleos Mexicanos (Pemex) from taking control of a Texas refinery, claimin...

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