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FTSE 100 rises as commodity rally continues Oil giant Shell leads FTSE 100 higher
(about 4 hours later)
(Open): London's benchmark share index opened higher as the recovery in commodity-related stocks continued. (Noon): Royal Dutch Shell led the market higher after the oil giant raised its estimate of cost savings from the BG deal.
The FTSE 100 index rose 44.48 points, or 0.7%, to 6,317.88. Shortly before midday, the FTSE 100 index was up 26.72 points at 6,300.12.
Mining and oil stocks dominated the risers board as metal and oil prices held on to gains seen on Monday. 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.
Among the mining companies Rio Tinto rose 1.6% and Glencore was 1.2% higher. Meanwhile shares in oil giant Royal Dutch Shell climbed 1% while rival BP was up 1.2%. In a strategy update, Shell also said it was planning $30bn of asset sales over the next two years.
Shell announced on Tuesday that it expected $4.5bn of savings following its merger with BG, higher than its previous estimate of $3.5bn. Energy shares were also helped as oil prices remained near seven-month highs.
In the FTSE 250, shares in Esure Group rose 6% after it announced it was considering a demerger of its price comparison website Gocompare. 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 0.6% to $1.4520. Against the euro, it climbed 0.36% to €1.2773. 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.