Reuters: London’s FTSE 100 <.FTSE> share index rose in early trade on Monday, led by index-heavyweight oil shares as oil prices climbed on the back of rising tensions over Iran’s nuclear ambitions, with corporate results also lending support. By Dominic Lau
LONDON (Reuters) – London’s FTSE 100 <.FTSE> share index rose in early trade on Monday, led by index-heavyweight oil shares as oil prices climbed on the back of rising tensions over Iran’s nuclear ambitions, with corporate results also lending support.
Mining shares were also in demand as copper prices rose 0.9 percent to $6,328 a tonne, having fallen last week on weaker copper and nickel prices and after Anglo American disappointed investors with a $3-billion share (1.53 billion pounds) buyback plan, smaller than the $4 billion which had been predicted in media reports.
BHP Billiton
Oil stocks gained as crude prices rose for a fourth day, nearing a fresh 2007 high above $61 a barrel.
BP
At 9:15 a.m. the FTSE 100 was up 31.2 points, or 0.49 percent, at 6,432.8 points. European share indexes also inched higher, while Japan’s Nikkei <.N225> ended at its highest level in almost seven years.
“Mining stocks suffered a little bit of weakness over recent days on disappointment that maybe they could have returned a bit more money in the case of Anglo American. The market has recovered from its disappointment,” Keith Bowman, equity analyst at Hargreaves Lansdown.
“We also had some results this morning which look to be broadly well-taken,” he said.
Persimmon
Associated British Foods
TXU DEAL TALK BOOST
Shares in International Power
“The TXU bid in the U.S. gives more focus on them as a possible bid target again,” a trader said.
BSkyB
Old Mutual
Hammerson