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LONDON MARKETS: Oil Majors Lead FTSE 100 Out Of Five-day Slump

By Sara Sjolin, MarketWatch LONDON (MarketWatch) -- Oil firms led U.K. stocks higher on Friday after HSBC initiated coverage of several energy giants with overweight ratings, while the broader benchmark index recovered after a five-day losing streak. The FTSE 100 index rose 0.8% to 6,547.52, after closing at the lowest level since mid-October on Thursday. Shares of Royal Dutch Shell PLC (RDSB) climbed 2.7% after HSBC initiated coverage of the oil major with an overweight rating. HSBC also started coverage of BP PLC (BP), 0.8% higher, and BG Group PLC , up 0.7%, with overweight ratings. The analysts said the sector remains out of favor with investors, but that the companies' robust underlying cash flows aren't being recognized. Oil prices were lower. The London index moved a notch higher in afternoon trade after U.S. jobs data showed the labor market in the world's largest economy is improving. The unemployment rate fell to 7% in November from 7.3% in October and the nonfarm-payrolls report showed 203,000 new jobs were added to the economy, with both figures beating analyst estimates. Among other movers in London, shares of Lloyds Banking Group PLC (LYG) gained 1.6% after the bank said it has sold a portfolio of nonperforming Irish retail mortgages for 257 million pounds ($420.4 million) in cash. Vodafone Group PLC (VOD) put on 1.7% after Berenberg lifted the telecom firm to buy from hold and Exane BNP Paribas upgraded it to neutral from underperform. Pennon Group PLC picked up 0.7% after Barclays upped the water-utility firm to overweight from equal weight. And also on the ratings theme, Wm Morrison Supermarkets PLC traded 0.9% higher after Citigroup lifted the company to neutral from sell. Outside the main index, Domino's Pizza Group PLC slid 6.4% after Chief Executive Lance Batchelor quit to take up a role at a "significant private-equity backed company." More must-reads from MarketWatch: European stocks aim to break five-day losing streak Jobs, market breadth and the data that screams more gains in 2014 3 low-risk stocks for market skeptics Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
10/23/201410:30:10Chevron Unveils Oil Discovery in U.S. Gulf
10/23/201410:22:34Chevron Unveils Oil Discovery in U.S. Gulf of Mexico
10/23/201409:30:23BP, GDF Suez In New UK North Sea Discovery
10/23/201409:09:45BP, GDF Suez Make New Discovery in UK Central North Sea
10/21/201417:22:56LONDON MARKETS: FTSE 100 Climbs As Oil Stocks Advance
10/16/201410:55:48LONDON MARKETS: FTSE 100 Drops Into Correction; Shire Losses...
10/14/201418:07:55ADR Shares End Mixed; Oil-Related Shares Decline
10/09/201418:22:12ADR Shares End Lower; Royal Dutch Shell, Total Shares Trade Actively
10/03/201412:14:58China Aviation Oil Has $500 Million War Chest for Asset Buys
10/03/201410:14:31China Aviation Oil Has $500 Million War Chest for Asset Buys-CEO
10/03/201404:45:36Cape PLC Secures Project with BP
09/24/201422:50:13Judge Rules Businesses Don't Have to Return BP Payouts
09/24/201422:41:30Businesses Don't Have to Return BP Gulf Spill Payouts, Judge...
09/24/201404:10:20Singapore's Pavilion Energy Signs Deal to Buy U.S. Natural Gas
09/16/201400:42:57U.K. Companies Donate Little to Camps in Scottish Independence...
09/16/201400:36:50LONDON MARKETS: Oil Firms Pull FTSE 100 Lower; SABMiller Jumps
09/10/201418:41:02U.S Readies New Energy Sanctions on Russia -- Update
09/09/201406:03:48LONDON MARKETS: FTSE 100 Falls For Third Straight Day
09/09/201402:25:11Technip Gets Offshore Contract in Trinidad and Tobago
09/05/201413:22:11EUROPE MARKETS: Europe Stocks Hold To Losses After Ukraine Cease-fire...

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