FTSE lifted by rise in shares of oil companies

A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett

Britain’s top share index gained ground on Friday to reach a 14-month high, as a rise in the shares of major oil companies lent the market an element of support.

The blue-chip FTSE 100 index was up 0.1 percent at 6,923.43 points, its highest level since June 2015.

A rise in the likes of BP and Royal Dutch Shell added the most points to the FTSE 100, with the energy sector tracking a move higher in crude oil prices.

However, mining stocks slipped back as copper prices fell after some economic data from China — the world’s biggest metals consumer — missed market expectations.

The FTSE 100 is up around 11 percent so far in 2016.

Record low interest rates set by the Bank of England have helped the UK stock market recover from a slump in the immediate aftermath of June’s vote for Britain to quit the European Union.

The Bank of England’s measures have also hit returns on bonds and cash, driving investors to the better returns on offer from stocks, although the value of UK shares in U.S. dollar terms has been impacted by a fall in sterling.

[Source:- Reuters]