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LONDON MARKETS: FTSE 100 Trims Weekly Loss As Resource Firms 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 that U.S. monetary policy will remain loose after Federal Reserve Chairwoman nominee Janet Yellen defended the central bank's bond-buying program. The benchmark index rose 0.4% to 6,693.44, trimming its weekly loss to 0.2%. The gain was a continuation of advances seen in global stock markets on Thursday, when Yellen 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, known as quantitative easing, but the remarks from Yellen calmed fears of an imminent reduction. 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%, and HSBC Holdings PLC (HBC) gained 0.6%. In the resource sector, oil giant Royal Dutch Shell PLC (RDSB) climbed 2%, BP PLC (BP) gained 1%, and BG Group PLC added 0.8%. Oil prices were slightly higher. Among miners, Anglo American PLC added 1.4%, BHP Billiton PLC (BHP) rose 1%, and Rio Tinto PLC (RIO) picked up 0.8%. Metals prices were mixed. Bucking the positive trend in the mining sector, shares of Vedanta Resources PLC slid 6.7% 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
06/20/201605:35:00BP Sanctions Fast-Track Development of Atoll Discovery in Egypt
06/17/201606:08:00BP and Rosneft Create Joint Venture to Explore for Oil in East...
06/15/201608:50:00European Corporations Urge U.K. to Remain in EU
06/11/201603:04:00BP to Spin Off Norwegian Oil, Gas Fields -- WSJ
06/10/201611:45:00CHC Helicopter Grounded On BP Oil Field in the North Sea
06/10/201610:51:00BP, Det Norske Plan Listed Joint Venture -- Update
06/10/201605:47:00Statoil Lowers Expectations off Newfoundland
06/10/201603:30:00BP, Det Norske Plan Listed Norway Joint Venture
06/10/201602:43:00BP, Det Norske Plan Listed Joint Venture
06/09/201618:50:00Brazil Police Say BHP, Vale At Fault for Dam Disaster
06/09/201615:48:00As U.S. Banks Exit Commodities, an Australian Rival Takes Over
06/09/201607:16:00Correction to BP's Egyptian Discovery Announcement
06/09/201607:08:00BP Announces New Oil Discovery in Egypt's East Mediterranean
06/08/201612:00:00Oil Gains Energy Market Share in Changing Landscape
06/08/201611:35:00Oil Gains Energy Market Share in Changing Landscape
06/06/201614:20:00IRS Says Fines Paid to Finra Aren't Tax Deductible
06/05/201619:53:00As U.S. Banks Exit Commodities, an Australian Rival Takes Over
06/03/201613:16:00BP Agrees to Pay $175 Million to Investors Over Deepwater Risks
06/02/201622:10:00BP Reaches Tentative $175 Million Settlement in Securities Litigation
06/02/201621:56:00BP Reaches Tentative $175 Million Settlement in Securities Litigation

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