(MENAFN- ProactiveInvestors) London’s blue-chip index was in retreat as oil giants gave back some of their recent gains.
The recovery in the price of oil has stalled and indeed the price is slipping back down the slope with Brent crude for March delivery down 2.2% at US$56.66 a barrel while the US benchmark price – West Texas light sweet crude – is harder hit down 3.1% at US$51.40 a barrel.
() followed oil prices lower shedding 4.9% at 397p while () and Shell () were lower after BNP Paribas and Liberum issued downgrades. BG was off 11p at 944p and Shell shed 43p at 2220p.
Funds supermarket () was the worst performer however losing 60p at 985p as the group unveiled a drop in profits in its second half amid more "subdued" markets for investors.
Sector peer St James’s Place () fell 22p to 873p in sympathy.
At the other end of the Footsie leader board () appropriately was above its FTSE 100 peers after it reported a rise in first half profits.
The media group topped the blue-chip index with shares climbing 2.3% to 965p as it reported strong demand for pay-TV in the UK and Ireland and record customer growth in Germany.
Precious metals miners () and Randgold () got a lift from the decision by the Chinese central bank to cut the reserve requirement ratio for banks.
The move should free up some capital for banks to lend to Chinese industry which is perceived as being good for metal prices.
advanced 0.7% to 886.5p and Randgold rose 0.5% to 5565p.
Chinese companies are viewed with suspicion by some in the market but investors had little hesitation into diving into Group’s () shares despite the repeat of a profit warning due to reduced consumer spending in China.
The Chinese youth clothing and sportswear firm told investors that it is fundamentally undervalued following recent falls in the share price and the market took heed pushing up the shares 27% to 19p.
FTSE 250 member () was 3.9% lower at 254p after Numis Securities downgraded the firm to ‘Sell’.
In the ever-busy small cap energy sector () advanced 5.2% to 5.125p as it told investors that well testing operations will now get underway at the Petroleum Creek property in the next few week.
Nostra Terra () was wanted after it revealed production doubled over the course of the fourth quarter with net output averaging 169 barrels oil equivalent per day (boepd) in the month of December.
Shares shot up by one-eighth to 0.18p.
Among the miners () caught they eye as the size of the resource at Tulu Kapi in Ethiopia was increased after new analysis of existing data. Shares were 4.9% higher at 1.08p.
On the downside () shed 13.3% at 0.325p after it borrowed more money from its controlling shareholder ZCI. The funds will provide the company with additional working capital as it struggles to cope with lower copper prices.
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