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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
07/31/201408:17:42LONDON MARKETS: Shell's Gain Curbs Losses For The FTSE 100
07/31/201403:53:55LONDON MARKETS: Shell Boosts FTSE 100 After Earnings Double
07/30/201412:21:53EUROPE MARKETS: Peugeot, Barclays Among Major European Movers...
07/30/201412:12:15EUROPE MARKETS: Russia Sanctions Hit Europe Stocks, But Spain...
07/30/201405:10:05Total to Review Russia Sanctions
07/30/201404:27:17Total Avoids Investor Ire Over Russia Business, So Far -- Market...
07/29/201412:50:15European Shares Reverse Losses -- 3rd Update
07/29/201412:11:08EUROPE MARKETS: European Stocks Shrug Off Russia Sanctions Amid...
07/29/201412:10:12EUROPE MARKETS: BP Among Losers In Europe On Russia Sanctions...
07/29/201412:05:30LONDON MARKETS: FTSE 100 Breaks Two-day Losing Streak; BP Drops
07/29/201406:46:50LONDON MARKETS: FTSE 100 Breaking Two-day Losing Streak; BP Slips
07/29/201404:53:03EUROPE MARKETS: GKN, Renault Among European Stocks On The Move
07/29/201404:40:04BP Reports Rise in Second-Quarter Profit
07/29/201403:47:30LONDON MARKETS: FTSE 100 Breaks Two-day Losing Streak; BP Climbs
07/25/201408:40:33Rosneft Working on Sanctions Strategy
07/24/201410:18:56Investors Look for Signs from BP's New Downstream Chief -- Market...
07/23/201408:30:10BP Executive in Advanced Talks to Head U.K's Centrica
07/23/201408:11:25BP plc 2Q 2014 -- Forecast
07/23/201407:54:37Top BP Executive in Advanced Talks to Head U.K's Centrica, Says...
07/22/201413:12:47EUROPE MARKETS: FTSE Hits 2-week High As Oil Shares Rise Across...

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