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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
11/14/201412:29:06EUROPE MARKETS: European Stocks Slip; Eurozone Data Highlight...
11/14/201411:02:22LONDON MARKETS: Tesco Gains After Upgrade, But Miners Fall In...
11/14/201407:50:41EUROPE MARKETS: Oil Stocks Fall In Europe; Eurozone Data Highlight...
11/14/201405:01:22MARKET SNAPSHOT: London Stock Exchange Boosts FTSE 100; SABMiller...
11/14/201404:45:52LONDON MARKETS: Tesco Gains After Upgrade, But Resource Shares...
11/13/201412:55:50EUROPE MARKETS: Oil Shares Drop In Europe As Brent Falls Below...
11/10/201412:26:10Saudi Aramco, BP Say Oil Slump Won't Hit Investment Plans--Update
11/07/201412:25:39LONDON MARKETS: Miners, Oil Stocks Lead FTSE 100 To Third Day...
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11/04/201412:49:19EUROPE MARKETS: Stoxx 600 Sharply Lower After EU Cuts Growth...
11/04/201412:47:50LONDON MARKETS: FTSE Hobbled By Oil Firms, Eurozone Growth Concerns
11/04/201410:43:59European Energy Companies Weighed by Falling Oil
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11/04/201408:45:13LONDON MARKETS: FTSE Shakes Off Oil-firm Losses; Tobacco Firms...
11/03/201412:15:16LONDON MARKETS: FTSE 100 Breaks Four-day Winning Streak
10/30/201421:09:37Apple CEO Says He's 'Proud to Be Gay'
10/29/201418:49:23ADR Shares End Mixed; Sanofi, Banco Bilbao Vizcaya Argentaria...
10/29/201413:58:35LONDON MARKETS: Oil Stocks Lift FTSE 100 As Crude Rallies
10/28/201413:20:12EUROPE MARKETS: European Stocks Rebound; Stoxx 600 Up 1%
10/28/201413:12:35LONDON MARKETS: BP Fuels FTSE 100's Move Higher

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