FTSE 100: 7553.32 ▼ -78.01 (-1.02%)

Soaring oil helps BP and Shell drive FTSE to new high

Soaring oil helps BP and Shell drive FTSE to new high

by Daniel Grote May 15, 2017 at 10:23

BP and Shell have helped the FTSE 100 hit a new all-time high, as the oil price jumped on news Saudi Arabia and Russia had agreed to extend production cuts.

The oil price jumped 2.4% to $52.05 a barrel, after Saudi energy minister Khalid al-Malik and Russian counterpart Alexander Novak said a joint deal on cutting oil supplies would be extended until the end of March next year.

'The two ministers agreed to do whatever it takes to achieve the desired goal of stabilising the market and reducing commercial oil inventories to their five-year average level,' said a statement.

That boosted shares in Shell (RDSb) 1.1% higher to £22.18, while BP (BP) was up 1.1% at 465p. The FTSE 100 hit a new all-time intraday high of 7,458 before falling back to trade at 7,444, up nine points on the day.

Miners were also among the gainers, as the copper and gold prices rose. Topping the FTSE 100 were:

  • Antofagasta (ANTO) +2.1% at 790p;
  • BHP Billiton (BLT) +1.9% at £11.86;
  • Glencore (GLEN) +1.6% at 289.5p;
  • Anglo American (AAL) +1.6% at £10.57.

TUI (TUIT) was the biggest faller on the index, down 5.3% at £11.28 as the travel group reported a €177.7 million (£150.4 million) loss for the second quarter, versus €126 million over the same period last year.

Retailers also came under pressure, with Next (NXT) down 2.1% at £42.50, and Marks and Spencer (MKS) falling 1.4% to 372.1p.

On the FTSE 250, Dignity (DTY) jumped to the top of the index, up 7.4% at £27.17 as the crematorium operator posted a 20.3% jump in profits for the first three months of the year.

Sophos (SOPH) was just behind, up 7.2% at 365.3p, boosted by an upgrade from analysts at Deutsche Bank, as investors flocked to cyber security firms following the WannaCry attack.

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