Opec’s decision not to cut production pulls down oil firms – London Report
THE FTSE closed mixed yesterday, with oil-sensitive blue chips heavy fallers after the Organisation of Petroleum Exporting Countries (Opec) said it would take no action to ease a global supply gut of oil.
Their losses were almost offset by gains elsewhere.
The FTSE 100 closed down 5.75 points, or 0.09 per cent, to 6723.42. FTSE 250 rose 101.23 points, or 0.64 per cent to 15,889.70.
Tullow Oil led the oil pack lower, falling 7.21 per cent to 464.90p. It was followed by Petrofac, down 6.23 per cent to 843.50p.
Among miners falling were Lonmin, which shed 3.54 per cent to 179.60p.
But the prospect of lower fuel costs was boosting shares in airlines, with easyJet up 5.70 per cent at 1,633p and British Airways and Iberia owners International Consolidated Airlines Group climbing 4.81per cent to 457.80p. Tui Travel, up 3.78 per cent to 433.30p, led leisure stocks up. Admiral, up 2.63 per cent to 1,248p, captained the financials. Smith & Nephew was the leading pharma, rising 2.35 per cent to 1,133p.