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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
03/27/201705:45:00BP Makes 3rd Discovery in North Damietta Concession in Egypt
03/17/201710:14:00BP in Talks with Ineos to Sell Forties Pipeline System in UK...
03/16/201716:36:00BP Selling Large Stake in Refining New Zealand
03/14/201703:46:00Wood Group Gets 2 Mad Dog Phase 2 Contracts Worth $85 Million
03/08/201717:22:00ADRs End Lower; Petrobras Trades Actively
03/08/201707:29:00Oil Companies Take to Thrifty Bets
03/01/201706:00:00BP and Clean Energy Partner to Expand U.S. Renewable Natural...
02/28/201714:16:00BP Sets Break-Even Target at $35 a Barrel
02/28/201709:34:00BP Expects Upstream, Downstream Growth
02/16/201717:39:00ADRs End Mixed; Vedanta Rises
02/16/201716:58:00ADRs End Mostly Up; Shire Trades Actively
02/09/201702:53:00BHP Billiton Board Signs Off on Investment in BP's Mad Dog Project
02/07/201712:02:00BP Needs Oil to Rise to $60 to Break Even -- 5th Update
02/07/201708:49:00BP Reports Another Annual Loss Amid Low Oil Prices -- 4th Update
02/07/201706:31:00BP Reports Another Annual Loss Amid Low Oil Prices -- 3rd Update
02/07/201704:18:00BP Earnings Fall for Second Consecutive Year -- Update
02/07/201703:02:00BP Earnings Fall for Second Consecutive Year
01/29/201707:29:00Oil Firms Plot Sharply Divergent Spending Paths
01/24/201702:59:00BP to Sell 25% of Magnus Oil Field, Associated Pipeline Infrastructure...
01/23/201710:33:00BP's Thunder Horse South Expansion Launches Ahead of Schedule...

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