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London open: Late Santa Rally puts UK stocks on track for two-week high

Mon, 22nd Dec 2014 08:48

UK stocks rose for the fifth straight session on Monday and were set to hit a two-week high with the so-called 'Santa Rally' finally taking hold ahead of a shortened trading week.London's FTSE 100 was trading 0.8% higher at 6,598 in early deals. It has not closed above this mark since 8 December.The index surged 4% over the past week, rising nearly 6% over the past four sessions alone. This was the Footsie's best weekly performance since December 2011 after the Federal Reserve promised to be "patient" about the first rate rise and markets rebounded strongly after a recent sell-off."This 'patient' approach to policy normalisation as well as a belated realisation that lower oil prices aren't necessarily such a bad thing, particularly in terms of their potential impact on global [growth] and consumer sentiment, has seen a significant rebound in the last four days," said analyst Michael Hewson from CMC Markets UK."As we head towards the Christmas break and a short week, the main focus going forward is likely to remain on the recent volatility in the oil price," he said.Brent crude for February delivery was up 2% on Monday at $62.61 a barrel, as it continues to rebound after dropping below the $60 mark last week for the first time since mid-2009. UK markets are open as normal until Wednesday when they close half a day early for Christmas Eve. They will not open again until Monday 29th December.While trading volumes are expected to be low over the next few days, with many traders already on their festive holidays, there's still some economic data due out for those remaining investors to take in. Final readings on third-quarter gross domestic product (GDP) in the UK and US are both due, as well as a raft of US data including durable goods orders, consumer confidence, new homes sales and personal incomes.Energy stocks riseOil producers such as Shell, BP, Tullow and BHP Billiton were making decent gains on the FTSE 100 as shares tracked the price of crude higher. FTSE 250 peers Afren and Ophir Energy were also performing well.Mining stocks were also providing a lift, including Fresnillo, Anglo American, Polymetal and Vedanta Resources. Randgold, however, was bucking the trend as the stock registered heavy losses early on.Home improvement retailer Kingfisher edged higher after agreeing to sell a controlling 70% stake in its B&Q China business to Wumei Holdings for £140m.Kier Group was in demand after its joint venture with Clancy Docwra was named as the preferred bidder for a £1bn Thames Water infrastructure project. The contract, which an estimated value to the KCD joint venture of £500m over the next five years, will run for up to 15 years.Market MoverstechMARK 2,949.80 +0.44%FTSE 100 6,597.94 +0.80%FTSE 250 15,944.43 +0.35%FTSE 100 - RisersRoyal Dutch Shell 'B' (RDSB) 2,282.00p +2.68%Royal Dutch Shell 'A' (RDSA) 2,214.50p +2.05%Smith & Nephew (SN.) 1,111.00p +2.02%BP (BP.) 421.20p +1.99%Standard Chartered (STAN) 944.40p +1.88%Johnson Matthey (JMAT) 3,408.00p +1.70%Tullow Oil (TLW) 431.20p +1.65%Babcock International Group (BAB) 1,072.00p +1.61%Severn Trent (SVT) 2,044.00p +1.39%Experian (EXPN) 1,103.00p +1.38%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 4,320.00p -2.51%TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,066.00p -0.65%easyJet (EZJ) 1,644.00p -0.48%Intu Properties (INTU) 334.10p -0.42%Next (NXT) 6,475.00p -0.31%Dixons Carphone (DC.) 460.20p -0.30%Morrison (Wm) Supermarkets (MRW) 175.80p -0.23%Travis Perkins (TPK) 1,821.00p -0.16%International Consolidated Airlines Group SA (CDI) (IAG) 468.80p -0.04%British American Tobacco (BATS) 3,499.50p -0.03%FTSE 250 - RisersAfren (AFR) 50.20p +5.53%Nostrum Oil & Gas (NOG) 440.20p +4.81%Ophir Energy (OPHR) 141.60p +3.89%Hunting (HTG) 545.50p +3.31%Polymetal International (POLY) 567.50p +3.18%Home Retail Group (HOME) 197.70p +3.13%Wood Group (John) (WG.) 627.00p +3.12%Vedanta Resources (VED) 602.50p +2.82%Evraz (EVR) 133.20p +2.38%Bank of Georgia Holdings (BGEO) 1,930.00p +2.17%FTSE 250 - FallersPets at Home Group (PETS) 198.20p -6.42%Bwin.party Digital Entertainment (BPTY) 111.70p -5.34%IP Group (IPO) 216.80p -4.87%Centamin (DI) (CEY) 55.95p -3.87%Zoopla Property Group (WI) (ZPLA) 202.40p -3.66%Alent (ALNT) 327.50p -2.67%Allied Minds (ALM) 335.00p -2.40%Spire Healthcare Group (SPI) 339.50p -2.30%Brit (BRIT) 263.40p -2.26%Countrywide (CWD) 415.00p -2.17%
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30 Dec 2021 09:28

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

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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

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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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