Banks up oil stocks down as FTSE 100 finishes in the red


(MENAFN- ProactiveInvestors) Footsie finished the day lower with oil stocks contributing to a six point slide.

The index closed 0.1% in the red at 6940 despite reaching a fresh intraday high of 6974.26 in mid-morning trade and US indices opening higher.

Tullow Oil (LON:TLW) sank 8% with shares eventually 30p lower at 356p. 

Today it emerged that a boundary dispute between Ghana and Cote d’Ivoire could delay Tullow’s TEN project which is situated in the contested waters.

It’s been a rough ride of late for the Irish oiler which now looks set to lose its place in the FTSE 100 as part of an index reshuffle this week.

Brent crude sliding 3.3% today to US$60 a barrel didn’t help and shares in Shell (LON:RDSB) BHP Billiton (LON:BLT) and BG Group (LON:BG.) also suffered.

Banking stocks rebounded though and RBS (LON:RBS) finished the day top with shares up 3% to 378p.

Barclays which sends out its finals tomorrow also gained up 2.2% to 262p.

Intertek (LON:ITRK) the product testing outfit stayed higher after forecasting an improvement in organic revenue growth in 2015.

British Land (LON:BLND) also made gains on the acquisition of Surrey Quays Leisure Park in Canada Water London for £135mln. 

Mid-cap stock Afren (LON:AFR) shares stayed higher up 15%  on news of a US$50mln debt payment being deferred to the end of the month.

In the AIM world shares in Rurelec (LON:RUR) ended the day 36% higher as it agreed to repay its loan facility with Radix after it sold a controlling stake in the Canchayllo hydroelectric plant in Peru.

Mosman Oil & Gas (LON:MSMN) also held onto impressive gains up 31%. The firm is now ready to start a 60 day flow testing programme at the Petroleum Creek project in New Zealand.


ProactiveInvestors - UK

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