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. A spokeswoman from BP declined to comment on
the job cuts, but said they are speaking to staff in the North Sea
Thursday morning about how to make the business more competitive. A
statement is expected later in the day.
"We're definitely here for the long term. This is just another
illustration of the wider story of what people are doing to get
their businesses competitive," she said.
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.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires