By Sara Sjolin, MarketWatch
Tullow Oil climbs 2.8% after trading update
LONDON (MarketWatch) -- Oil and mining majors moved firmly
higher in the U.K. on Thursday, pushing the benchmark index
comfortably into positive territory.
The FTSE 100 index jumped 1.2% to 6,461.65 in early trade,
rebounding from a 2.4% selloff on Wednesday that marked the worst
daily performance in a month. The weakness in Wednesday's trade was
spurred by a plunge in copper prices(HGH5) -- seen as a gauge of
economic demand -- after the World Bank cut its global growth
forecast for 2015.
On Thursday, copper reclaimed some lost territory and rallied
2.7% to $2.57 a pound, helping lift London-listed mining firms.
Shares of BHP Billiton PLC (BHP) rose 2.8%, Glencore PLC (GLCNF)
added 1.6%, and Anglo American PLC picked up 1.6%.
Oil issues were also putting in solid performances, led by
Tullow Oil PLC . Its shares gained 2.8% after the company said it
will cut its exploration budget.
BP PLC (BP) rose 2.1%. The Financial Times reported that the oil
giant will announce a plan later on Thursday to cut jobs at its
North Sea business.
Royal Dutch Shell PLC (RDSB) added 1.3%, while BG Group PLC
climbed 2.5%.
In other industries, Experian PLC jumped 3.3% after the provider
of consumer-credit checking services said it is confident it can
return to top-line growth for the full fiscal year.
Associated British Foods PLC gained 2.2%. The owner of the
Primark clothing chain and Twinings Tea brand said
currency-adjusted revenue rose 3% for the 16 weeks to Jan.
Outside the main index in London, shares of Home Retail Group
PLC slumped 6.1% after a trading update.
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