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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
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
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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...
09/05/201413:14:08EUROPE MARKETS: BP Gains, LSE Limps: European Share Movers
09/05/201412:49:15LONDON MARKETS: BP Outperforms, RBS Drops In London Trade
09/05/201409:49:05U.S. Hot Stocks: Hot Stocks to Watch
09/05/201408:37:04EUROPE MARKETS: BP Shares Gain, LSE Limps: European Share Moves
09/05/201404:15:09LONDON MARKETS: Metals Stocks Fall In London, But Weekly Rise...
09/04/201417:46:25ADR Shares End Lower; BP Shares Trade Actively
09/04/201412:41:07EUROPE MARKETS: Europe Stocks Rise As ECB Ramps Up Low-inflation...
09/04/201412:29:09LONDON MARKETS: BP Slides In London, Paring Gain For FTSE 100
09/04/201411:54:07BP PLC Statement re Gulf of Mexico
09/04/201409:20:09BP Signs Fresh Deal On Iraq Production Goals
09/03/201419:09:29Atlantic Richfield, DuPont to Pay $26 Million in Cleanup Settlement

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