FTSE closes at 6220.6

Last Modified: 12 May 2008
Source: ITN

Rising oil prices have helped the FTSE 100 Index close 15.9 points up at 6220.6.

Crude prices of around $125 a barrel boosted fuel companies like BP, while speculation surrounding a potential takeover bid for B&Q owner Kingfisher also gave shares a boost.

Kingfisher shares rose as rumours of interest from private equity firm Blackstone and US giant Home Depot encouraged traders.

The bid speculation also helped Marks & Spencer, Next and Argos owner Home Retail Group move higher.

Next rose 19p to 1309p, Marks & Spencer added 6.75p to 405.5p and Home Retail lifted 1.25p to 266.25p.

Oil prices which bolstered BP and BG Group, 6.5p higher at 619.5p and 7p up at 1348p respectively.

Royal Dutch Shell advanced 12p to 2059p, while Cairn Energy was the Footsie's leading riser, up 4 per cent.

British Gas parent Centrica advanced despite a warning that overall operating profits for the first half of this year would be "materially lower" compared with a year ago due to poorer performance in its British Gas residential arm.

Nuclear firm British Energy proved the exception after reports that the business was unlikely to be sold to a single bidder. The company fell 2p to 703p, but recouped heavier losses earlier in the day.

Banking stocks endured a mixed session, with HSBC faring well after its first quarter trading update pleased investors, particularly lower-than-expected bad debt charges in the US.

The bank also reported profits higher than in the same period last year, despite the impact of the credit crunch, sending shares 16p higher at 882p, a rise of almost 2 per cent.

But a mark-down for Barclays from broker Citi left the bank among the fallers. Other financials on the back foot included Lloyds TSB, which slipped 8.25p to 424.75p.

The leading Footsie faller was pubs and leisure group Whitbread after Morgan Stanley lowered its target price on the firm.

Winners: Cairn Energy, up 135p to 3481p, Kingfisher ahead 5.4p to 151.7p, Centrica up 7.75p to 295.25p and G4S ahead 6.25p at 240p.

Losers: Whitbread, down 31p to 1364p, Vedanta Resources off 50p at 2350p, Lloyds TSB down 8.25p at 424.75p and Barclays, which was 6.75p lower at 444.75p.

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