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Saturday , August 19 2017
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FTSE 100 flatlines as oil rates slip again

FTSE 100 flatlines as oil rates slip again

LONDON:The FTSE 100 Index resisted for direction as descending oil prices pushed heavyweights such as BP and Royal Dutch Shell poorer but carried more cheer for travel stocks.
London’s top-flight was flat, ending the day just 0.8 points lower at 6722.6, as Opec’s decision not to cut production rippled through markets for a second day.
The announcement had pushed the price of a barrel of Brent crude sharply lower to near 71 US dollars though it steadied at above 72 dollars as the final session of the week drew to a close.
BP was down 6p to 420.2p while Royal Dutch Shell drifted 42.5p to 2223p. Oil and gas exploration firm BG was the biggest faller, down nine per cent, or 86.5p, to 900.2p, while rival Tullow Oil dropped 38.9p, or eight per cent to 426p.
In travel stocks, cruise ship operator Carnival was buoyed five per cent, or 123p, to 2820p.
Thomson owner TUI Travel rose 11.4p to 444.7p and FTSE 250 rival Thomas Cook shrugged off the recent departure of boss Harriet Green as it recovered 2.6p to 121.8p.
Meanwhile, easyJet gained 20p to 1653p but British Airways owner International Airlines Group, a riser in the previous session on the Opec decision, failed to make any further gains, instead edging 0.3p lower to 457.5p.
Analysts calculated that airlines which have already taken positions on oil for years ahead may have to wait to see benefits from the oil price drop.