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Oil price rise boosts energy shares China rate cut lifts mining shares
(about 3 hours later)
(Open): Rising oil prices gave a boost to energy companies, lifting the London market in early trade. (Noon): China's surprise decision to cut interest rates boosted mining stocks on hopes the move would lift demand for commodities.
The price of Brent crude rose 30 cents to $79.63 a barrel on rumours that oil cartel Opec could agree to cut production when it meets next week. Among the mining firms, Anglo American rose 5.3%, Rio Tinto climbed 4.6% and BHP Billiton was up 4.5%.
The price rises boosted shares in the oil sector, with Tullow Oil up 2.6% and Royal Dutch Shell more than 1% higher. The FTSE 100 was up 48.23 points at 6,727.13, also helped by energy shares after oil prices increased.
After about an hour of trade, the benchmark FTSE 100 index was up 26.88 points at 6,705.78. Brent crude neared $81 a barrel after China's rate cut and on hopes that oil cartel Opec will cut production.
Shares in Rolls-Royce were given a boost, rising 0.4%, after the company said it had won a $5bn order to supply engines to 50 Airbus planes ordered by Delta Air Lines. There was speculation earlier on Friday that Opec members will agree to rein in production when they meet next week.
Outside the top 100 firms, shares in Fuller Smith & Turner rose 3.6% after the pub operator and brewer reported an 8% rise in half-year profits to £19.6m. Shares in Tullow Oil rose 5.1% and BP was up 1.7%.
Rolls-Royce shares rose 1.2% after the company said it had won a $5bn order to supply engines to 50 Airbus planes ordered by Delta Air Lines.
Outside the FTSE 100, shares in Fuller Smith & Turner rose 3.6% after the pub operator and brewer reported an 8% rise in half-year profits to £19.6m.
Shares in Hornby rose 1.4% after the model train maker - which also owns the Scalextric slot car racing brand - said half-year losses had narrowed to £0.52m from a £1.09m deficit a year earlier. Group sales rose 8% to £24.2m.Shares in Hornby rose 1.4% after the model train maker - which also owns the Scalextric slot car racing brand - said half-year losses had narrowed to £0.52m from a £1.09m deficit a year earlier. Group sales rose 8% to £24.2m.
On the currency markets, the pound fell 0.26% against the dollar to $1.5652, but rose 0.2% against the euro to €1.2536. On the currency markets, the euro fell sharply after European Central Bank head Mario Draghi said the bank was ready "step up the pressure" and take more measures to stimulate the eurozone.
The ECB has already cut its benchmark interest rate to 0.05% and begun some asset purchases, but Mr Draghi said the bank could alter "the size, pace and composition of our purchases".
The pound jumped 0.67% against the euro to €1.2598, and the euro fell 0.8% against the dollar to $1.2433. The pound fell 0.17% against the dollar to $1.5667.