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FTSE 100 claws back its early losses FTSE 100 claws back its early losses as oil price rises
(about 7 hours later)
(Noon): London shares clawed back early losses on Tuesday as oil prices rose back above $30 a barrel. (Close): London shares clawed back early losses on Tuesday as oil prices rose back above $30 a barrel.
At midday, the FTSE 100 index was down 29.5 points, or 0.50%, at 5,847.5, having earlier been down as much as 100 points. The FTSE 100 index ended 34.5 points, or 0.6%, higher at 5,911.5, having earlier fallen as much as 100 points.
Brent crude oil rose 1.2% to $30.87 a barrel, recovering from falls of 3%. Brent crude oil rose 6.1% to $32.36 a barrel, recovering from falls of 3%.
The Shanghai Composite Index closed down 6.4%, the Nikkei 225 in Tokyo dropped 2.4% and the Dow Jones in New York fell 1.3%. Germany's Dax and France's Cac 40 also reversed opening losses to close around 1% higher, while on Wall Street all three of the main indexes rose in early trading.
An increase in De Beers' sales of rough diamonds boosted mining shares, with Anglo American the top gainer, up 7.6%. "Oil prices continue to be the dominating driver of stock market direction," said CMC markets analyst Jasper Lawler.
Among the fallers, Easyjet shares were down 2.5% after this morning's trading statement. An increase in De Beers' sales of rough diamonds boosted mining shares, with Anglo American the top gainer, up 11.8%.
On the currency markets, the pound was down by a fifths of a cent against the dollar at $1.4233, and up a fifth of a cent against the euro at €1.3149. Among the fallers, Easyjet shares dropped 3.2% after the budget airline reported a drop in revenues in the three months to the end of December.
It said that the terrorist attacks in Paris and the suspected bombing of a passenger plane over Egypt had both hit sales at the end of the year.
On the currency markets, the pound rose 0.7% against the dollar to $1.4352, and was up 0.8% against the euro at €1.323