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Oil price plunge hits energy shares | Oil price plunge hits energy shares |
(about 2 hours later) | |
(Noon): Shares in energy stocks fell further as investors continued to react to the sharp fall in oil prices following Thursday's Opec meeting. | (Noon): Shares in energy stocks fell further as investors continued to react to the sharp fall in oil prices following Thursday's Opec meeting. |
The oil producers' cartel said it would maintain production at current levels. | The oil producers' cartel said it would maintain production at current levels. |
Shares in BG Group fell 7.7% and oil giant BP dropped 3.7%. The FTSE 100 fell 45.70 points to 6,677.72. | Shares in BG Group fell 7.7% and oil giant BP dropped 3.7%. The FTSE 100 fell 45.70 points to 6,677.72. |
After falling by more than $5 a barrel on Thursday, Brent crude fell further to hit $71.12 a barrel - before recovering to $72.80. | After falling by more than $5 a barrel on Thursday, Brent crude fell further to hit $71.12 a barrel - before recovering to $72.80. |
The prospect of cheaper fuel boosted airline shares at first on hopes that fuel bills would be cut. However, early gains were soon erased. Easyjet was up 1.1%, but shares in British Airways owner IAG were 0.6% lower. | The prospect of cheaper fuel boosted airline shares at first on hopes that fuel bills would be cut. However, early gains were soon erased. Easyjet was up 1.1%, but shares in British Airways owner IAG were 0.6% lower. |
Shares in BT Group were up 3.9p at 409.2p. On Thursday, the Reuters news agency reported that Hutchison Whampoa, the owner of UK mobile operator 3 Group, was preparing to bid for the EE or O2 mobile businesses. BT Group is currently in talks with both EE and O2 about a possible takeover. | |
Retail shares rose as the Black Friday sales saw frenzied scenes in UK stores and heavy demand online. Sports Direct shares rose 1.8% and Argos owner Home Retail Group climbed 2.4%. | Retail shares rose as the Black Friday sales saw frenzied scenes in UK stores and heavy demand online. Sports Direct shares rose 1.8% and Argos owner Home Retail Group climbed 2.4%. |
On the currency markets, the pound fell 0.25% against the dollar to $1.5696 and dropped 0.34% against the euro to €1.2579. | On the currency markets, the pound fell 0.25% against the dollar to $1.5696 and dropped 0.34% against the euro to €1.2579. |