FTSE100 not unlucky as heads north Brent crude price firms


(MENAFN- ProactiveInvestors) Britain's blue chips were heading higher at the lunchtime point boosted by the rising oil price and positive data from the Eurozone.

Friday 13 may be unlucky for some but FTSE100 was up more than 34 points at 6862 at the time of writing with under the cosh Tullow Oil (LON:TLW) reversing recent losses to be the biggest gainer - up 4.52% to 402.5p.

Resource stocks were in favour. Glencore (LON:GLEN) rose 3.59% to 402.5p while Rio Tinto (LON:RIO) was up 3.36% to 3141.5 and BHP Billiton added 3.85% to 1552p.

Oil investors were cheering as Brent crude managed to push itself above US$60 a barrel for the first time in 2015 as a report showed supply from the USA had fallen.

In Europe  gross domestic product (GDP) growth went up to 0.3% in the fourth quarter last year from 0.2% in the quarter before that which was better  than analysts had expected.

It comes after the recent huge stimulus measures for Europe were unveiled by the ECB.

Chris Beauchamp at IG Index said: "Reports of the death of the eurozone economy have been greatly exaggerated. GDP figures from across the currency union were much better than expected. Germany fulfilled its traditional role as the engine of growth with a quarter-on-quarter improvement of 0.7% more than double expectations."

Drugs giant Glaxo (LON:GSK) was also a good performer on the day  - rising 4.21% to 1548p after Swiss heavweight UBS upgraded the stock to 'buy' from 'sell'.

The biggest loser was communications giant BT (LON:BT.A) which lost 2.2% to 440.10p.

Wearable tech specialist Fitbug (LON: FITB) surged over 17% to 6.75p as the group posted a second-half sales  surge.

The maker of fitness-trackers said sales rocketed 495% in the last six months of 2014 to £1.4mln as its Fitness Orb was snapped up in Sainsbury's (LON:SBRY) stores.

Full year sales of £2.3mln were 310% up on the prior year and chief executive Paul Landau said theretail  interest is continuing to grow.

In the small cap space there were some notable advancements. Mariana Resources (LON:MARL) jumped 8.24% to 2.3p after an 85% rise yesterday as it unveiled bonanza results from the Hot Maden prospect in Turkey.

Minds + Machines Group (LON:MMX) added 14.29% to 10 pence a pop as it added a further £2.3mln to its cash  pile by withdrawing applications for the domain names .blog and .store.

The internet domain specialist received the cash as the rules of the auction system see the amount paid for the winning bid shared out between the losers.

As a result Minds + Machines' cash holdings have risen to US$48mln (£31.9mln).


ProactiveInvestors - UK

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