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FTSE 100 up 0.5% on hopes of oil cuts FTSE 100 falls back despite oil deal
(about 3 hours later)
(Open): London's leading share index rose on Tuesday as the global rally gathered momentum on rebounding oil prices and speculation over more Chinese stimulus measures. (Midday): London's leading share index rose on Tuesday despite disappointment over a deal to tackle a global oil supply glut.
The FTSE 100 rose 0.5%, or 27 points, to 5,851 points in early trading. The FTSE 100 was up 0.2%, or 27 points, to 5,836 points in afternoon trading.
BP topped the leaders' board with a 4.1% rise, with Shell, BHP Billiton and Rio Tinto among the biggest gainers. Merlin Entertainments, which announced a new chief financial officer on Tuesday, topped the leaders' board with a 2.8% rise to 413p.
BP and Shell were among the other biggest risers, up 2.2% and 1.8%.
Oil companies were boosted as crude prices rose on fresh hopes of a coordinated production cut.Oil companies were boosted as crude prices rose on fresh hopes of a coordinated production cut.
The Russian and Saudi oil ministers met Tuesday in Doha to discuss the global supply glut that has sent prices plunging. The oil ministers of Venezuela and Qatar also attended the talks. Oil ministers from Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze output at January levels if other oil-producing countries did the same.
That sent Brent crude up 5.5% to $35.22 a barrel, while US light crude was up 4.1% to $30.94. Stephane Ekolo, chief European strategist at Market Securities, said: "This agreement needs the nod from other Opec and non-Opec nations, which seems unlikely. Therefore market participants turned again cautious."
The CAC 40 in Paris was up 0.4%, while the Dax in Frankfurt was flat. Brent crude was up 1.4% to $33.85 a barrel, while US light crude was flat at $29.75.
Biggest faller on the FTSE 100 was Standard Chartered, which slid more than 7% to 420p after several brokerages cut their target prices following a recent rally.
The CAC 40 in Paris was up 0.4%, while the Dax in Frankfurt fell a similar amount.
European markets soared on Monday following a 7% rise for the Nikkei in Tokyo and comments by European Central Bank president Mario Draghi. He said the bank was ready to act to stimulate the eurozone economy and push up inflation.European markets soared on Monday following a 7% rise for the Nikkei in Tokyo and comments by European Central Bank president Mario Draghi. He said the bank was ready to act to stimulate the eurozone economy and push up inflation.
"The ECB is ready to do its part. We will not hesitate to act," he told MEPs."The ECB is ready to do its part. We will not hesitate to act," he told MEPs.
On the currency markets, the pound was up 0.3% against the euro at €1.2978, and almost 0.5% higher against the dollar at $1.4501.On the currency markets, the pound was up 0.3% against the euro at €1.2978, and almost 0.5% higher against the dollar at $1.4501.