Britain's FTSE snaps losing streak as oil bounces, banks rise

Xavier Trudeau
Juin 26, 2017

The benchmark index was up 51 points or 0.69 percent at 7,475 in late opening deals after declining 0.2 percent on Friday to finish at its lowest level since June 15.

BP gained 0.8 per cent to 459¾p and Tullow Oil, the explorer, added 3.3 per cent to 150½p, leading the FTSE 250 mid-cap index up nearly 50 points to 19,735.03.

While earlier gains among oil majors BP and Royal Dutch Shell helped underpin the market, both heavyweights saw gains ease as the price of oil steadied.

She said investors were also awaiting for the Bank of England Financial Stability Report and Governor Mark Carney's speech on Tuesday for clues about any possible hike in interest rates as inflationary pressures rise.

In the FTSE 250, shares in outsourcing group Capita rose 3% after it announced it had sold its asset management services business to Link Group for £888m.

However, sub-prime lender Provident Financial slipped 1,3% after RBC cut its rating on the firm to "sector perform" from "outperform".

On the upside were Nestle rivals Unilever and Diageo as the sector was lifted after an activist investor Activist investor Daniel Loeb's Third Point urged the Swiss food giant to improve its margins, buy back stock and sell non-core assets.

Top losers were also precious metal miners Fresnillo and Randgold declined 2.7 and 2.2 percent respectively after gold prices fell as investors remained cautious ahead of a flurry of USA data due this week.

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