LONDON MARKETS: BP, Shell Stocks Rally While FTSE 100 Slips
September 16 2019 - 10:08AM
Dow Jones News
By Steve Goldstein, MarketWatch
The heavy exposure of the U.K. to the energy sector was on
display on Monday, as the FTSE 100 outperformed most global
benchmarks in wake of the attacks on Saudi Arabia that has taken
half of its production offline.
BP (BP.LN) rose 5% and Royal Dutch Shell (RDSA.LN) gained 3% to
limit the FTSE 100's losses to just 0.3% to 7,343, or roughly half
the decline of the major German and French indexes.
Other oil plays rose even more, with Premier Oil (PMO.LN)
surging nearly 10% and John Wood Group (WG.LN), an
engineering-service company, gaining 7%.
The financial sector by contrast skidded, with HSBC (HSBA.LN)
losing 1.7% and (BARC.LN) falling 2.2% on the possible economic
consequences.
Elsewhere, the London Stock Exchange (LSE.LN) fell 3.1% as
investors don't seem in a hurry to engage with the Hong Kong
exchange's offer to buy the U.K. exchange. Royal London Asset
Management, which holds about 1% of the LSE, said it preferred the
LSE's plan to buy data firm Refinitiv, Dow Jones Newswires
reported.
(END) Dow Jones Newswires
September 16, 2019 09:53 ET (13:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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