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London close: Stocks finish choppy session higher as oil stocks gain, CRH jumps

Mon, 02nd Feb 2015 17:19

A late rebound ensured that UK stocks finished firmly in positive territory on Monday, though trading was choppy as investors digested mixed manufacturing data from across the globe and a rebound in oil prices.After swinging between gains and losses for most of the session, London's FTSE 100 closed the session up 0.5% at 6,782.55.Energy stocks were tracking crude prices higher as oil continued to rebound from a six-year low reached last week, while blue-chip building materials firm CRH surged after buying assets to beef up its cement operations.Brent oil was up 1% at $53.50 a barrel by the close, cementing gains made Friday when it spiked above the $50-mark on signs of a slowdown in US drilling. The biggest strike by US refinery employees in over three decades was also pushing prices higher as the mass walkout across 200 plants and facilities entered its second day.However, analyst Chris Beauchamp from IG warned that sentiment in the oil market is "still firmly bearish [...] and the price's inability to break out of the January range signals more downside to come".Manufacturing purchasing managers' indices (PMIs) from across the globe came in mixed, with growth faltering in the States, picking up in the UK and falling into negative territory in China. US personal spending and construction spending also came in below expectations.Meanwhile, developments in Greece were being closely watched by markets after Finance Minister Yanis Varoufakis said the nation needs the European Central Bank's assistance to bolster banks. He also said Greece will not accept any more aid under its existing bailout agreement.Tullow Oil, Afren and CRH lead the risersEnergy stocks led the risers in London as crude prices advanced, with Tullow Oil surging over 9% on the back of speculation the Shell could make a bid for the group. Other producers such as BG Group, BP, BHP Billiton, Premier Oil and Soco International also finishing with impressive gains.Shares in struggling oil group Afren rebounded 89%, though were still well below levels seen at the start of the year. After saying that it was in need of immediate funding, lenders allowed it to defer a $50m payment due on its debt by a month. Afren also said it would delay a $15m bond coupon payment.Irish building materials group CRH jumped 7% after confirming it will spend €6.5bn on assets from Holcim and Lafarge as the two European cement makers dispose of operations to win approval for their merger. CRH said it expected the deal to make it the "global number-three building materials player".The rising oil price was weighing on shares in travel groups such as Easyjet and IAG. Sentiment was also dampened after sector peer Ryanair warned that the collapse in oil over the last few months will hit air fares. Market MoverstechMARK 3,042.41 -0.28%FTSE 100 6,782.55 +0.49%FTSE 250 16,355.56 +0.31%FTSE 100 - RisersTullow Oil (TLW) 399.00p +9.32%CRH (CRH) 1,718.00p +7.17%BG Group (BG.) 934.20p +5.33%Sainsbury (J) (SBRY) 267.30p +4.66%Aggreko (AGK) 1,607.00p +3.41%Antofagasta (ANTO) 672.00p +3.38%Weir Group (WEIR) 1,734.00p +3.21%Royal Dutch Shell 'B' (RDSB) 2,170.50p +3.14%BP (BP.) 437.70p +3.12%BHP Billiton (BLT) 1,484.00p +2.84%FTSE 100 - FallerseasyJet (EZJ) 1,742.00p -6.44%International Consolidated Airlines Group SA (CDI) (IAG) 529.50p -2.75%Carnival (CCL) 2,921.00p -2.54%United Utilities Group (UU.) 1,001.00p -2.53%Wolseley (WOS) 3,770.00p -2.38%Ashtead Group (AHT) 1,063.00p -2.30%Kingfisher (KGF) 335.10p -2.25%G4S (GFS) 278.90p -2.21%Severn Trent (SVT) 2,106.00p -2.14%InterContinental Hotels Group (IHG) 2,606.00p -2.10%FTSE 250 - RisersAfren (AFR) 10.00p +88.68%Premier Oil (PMO) 156.90p +8.51%RPS Group (RPS) 193.70p +6.20%Big Yellow Group (BYG) 648.00p +6.06%Vedanta Resources (VED) 395.90p +6.03%Soco International (SIA) 278.10p +5.66%Redefine International (RDI) 57.35p +5.52%Wood Group (John) (WG.) 601.50p +5.34%Hunting (HTG) 418.40p +5.20%Pets at Home Group (PETS) 227.00p +4.85%FTSE 250 - FallersOxford Instruments (OXIG) 687.00p -7.72%Nostrum Oil & Gas (NOG) 587.00p -6.38%Card Factory (CARD) 262.50p -4.55%Just Retirement Group (JRG) 134.50p -3.45%Wetherspoon (J.D.) (JDW) 766.50p -3.10%WH Smith (SMWH) 1,309.00p -3.04%Northgate (NTG) 598.50p -2.84%Game Digital (GMD) 268.00p -2.72%Pennon Group (PNN) 866.00p -2.53%Howden Joinery Group (HWDN) 414.30p -2.49%

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