Fresh signs of oil price stability helped the FTSE 100 Index return above the 6,000 barrier on Tuesday amid strong gains for mining stocks.
The price of Brent crude remained near 112 US dollars a barrel as traders bet that safer supplies can continue to meet demand, despite the ongoing crisis in oil-producing Libya and uncertainty elsewhere in the region.
The FTSE 100 Index, which has been rocked by fears that soaring oil prices will derail the economic recovery, improved 40 points to 6033.9.
Among commodity stocks on the front foot, Antofagasta lifted 37p to 1444p, Lonmin cheered 40.5p to 1876.5p and Kazakhmys improved 30.5p to 1474.5p.
Fresh from Primark’s warning of subdued trading since January, retail stocks have been dealt a fresh blow after HMV’s second profits warning this year.
Next dropped another 29p to 1947p, Marks & Spencer declined 4.15p to 432.25p and B&Q owner Kingfisher fell 4.7p to 249.7p. HMV, which also warned it would breach certain terms on its bank loans, slumped another 3.9p to 16.9p.
HSBC shares remained under pressure after its warning on Monday that its higher regulatory burden will impact future profitability. Shares fell another 6.9p to 671.1p after dropping 5% on Monday.
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