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LONDON MARKETS: FTSE 100 Trims Weekly Loss As Banks, Resources Gain

By Sara Sjolin, MarketWatch LONDON (MarketWatch) -- Resource firms and banks led the U.K.'s FTSE 100 index higher on Friday, as investors remained optimistic about the future of monetary policy in the U.S. after Federal Reserve Chairwoman nominee Janet Yellen defended quantitative easing. The benchmark index climbed 0.4% to 6,693.36, trimming its weekly loss to 0.2%. The gain was a continuation of advances seen in global stock markets on Thursday, after Yellen at her confirmation hearing at the Senate Banking Committee said the benefits of Fed stimulus outweigh the costs and that the central bank will maintain its asset-purchase program until the U.S. economy is stronger. She also eased concerns that bubbles are forming in the equity markets. Investors have worried that some recent upbeat economic data would bring forward the timing of tapering the bank's asset purchases, but the remarks from Yellen calmed fears of an imminent reduction in bond buys. The biggest gainers on Friday were in sectors that are sensitive to monetary easing and typically rise when investors are willing to take on more risk. Among banks, Royal Bank of Scotland Group PLC (RBS) put on 1.1%, and HSBC Holdings PLC (HBC) gained 0.3%. In the resource sector, oil giant Royal Dutch Shell PLC (RDSB) climbed 1.5%, BP PLC (BP) gained 0.8%, and BG Group PLC added 0.6%. Oil prices were slightly higher. Among miners, Anglo American PLC added 1.4%, BHP Billiton PLC (BHP) rose 1.4%, and Rio Tinto PLC (RIO) picked up 0.5%. Metals prices, however, were lower across the board. Bucking the positive trend in the mining sector, shares of Vedanta Resources PLC slid 6.8% after the company said it swung to a first-half loss due to lower commodity prices and a continued ban on iron ore mining in two key Indian states, as well as due to foreign exchange losses and higher net interest expenses. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
04/29/201608:40:00Oil Companies Begin to Benefit From Cost Cuts
04/28/201603:15:00John Wood Group Secures $500 Million Services Contract
04/27/201603:03:00Huge Oil Spill From 2010 Still Shadows BP -- WSJ
04/27/201603:02:00Oil-Price Jump Lifts Energy Stocks -- WSJ
04/26/201620:06:00BP Results Still Hurt by Gulf of Mexico Spill -- 5th Update
04/26/201618:27:00BP Results Still Hurt by Gulf of Mexico Spill -- 4th Update
04/26/201618:05:00ADRs End Mostly Higher; Orange Rises
04/26/201616:29:00Energy Up With Oil Futures -- Energy Roundup
04/26/201615:28:00BP Results Still Hurt by Gulf of Mexico Spill -- 3rd Update
04/26/201615:10:00U.S. Oil Prices Settle at 2016 High
04/26/201607:14:00BP Results Still Hurt by Gulf of Mexico Spill -- 2nd Update
04/26/201605:13:00BP Results Still Hurt by Gulf of Mexico Spill -- Update
04/26/201604:16:00Correction to BP Reports First-Quarter Pretax Loss Story
04/26/201604:10:00Global Stocks Steady Ahead of Central Bank Meetings
04/26/201603:20:00BP Earnings Beat Expectations
04/26/201603:02:00Aramco IPO: Big Payday, Big Risks -- WSJ
04/26/201602:56:00BP Reports First-Quarter Pretax Loss
04/25/201620:05:00Saudi Aramco to Become Holding Company -- 3d Update
04/25/201615:17:00Saudi Aramco to Become Holding Company -- 2nd Update
04/25/201613:05:00Saudi Aramco to Become Holding Company--Update

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