This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-36466991
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Oil giant Shell leads FTSE 100 higher | |
(about 4 hours later) | |
(Noon): Royal Dutch Shell led the market higher after the oil giant raised its estimate of cost savings from the BG deal. | |
Shortly before midday, the FTSE 100 index was up 26.72 points at 6,300.12. | |
Shares in Shell were up nearly 3% after it said it expected $4.5bn of savings following its merger with BG, higher than its previous estimate of $3.5bn. | |
In a strategy update, Shell also said it was planning $30bn of asset sales over the next two years. | |
Energy shares were also helped as oil prices remained near seven-month highs. | |
Stocks in general were helped by comments from the head of the US Federal Reserve, Janet Yellen, which suggested that US interest rates were unlikely to rise this month. | |
"Stocks are on top form this morning, as rising energy prices and a dovish Fed outlook help negate any threat from a potential Brexit in 16 days' time," said Joshua Mahony, market analyst at IG. | |
In the FTSE 250, shares in Esure Group jumped 6% at first after it announced it was considering a demerger of its price comparison website Gocompare. However, its share price then slid back to stand 1.5% higher. | |
Shares in Sports Direct, which have slipped from 800p-plus in the past 12 months, were up 2.7% at 373.5p. Owner Mike Ashley is giving evidence to MPs over the company's heavily-criticised employment practices. | |
On the currency markets, the pound rebounded after new polls suggested a recovery in support for the Remain camp ahead of the EU referendum, in contrast to polls released on Monday. | On the currency markets, the pound rebounded after new polls suggested a recovery in support for the Remain camp ahead of the EU referendum, in contrast to polls released on Monday. |
After hitting a three-week low against the dollar on Monday, the pound rose by 1.5 cents, more than 1%, to $1.4591. Against the euro, it jumped one euro cent, or 0.9%, to €1.2837. |