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LONDON MARKETS: Oil Firms 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 after better-than-expected U.S. jobs data. The FTSE 100 index rose 0.8% to close at 6,551.99, after closing at the lowest level since mid-October on Thursday. On the week, the index lost 1.5%. Shares of Royal Dutch Shell PLC (RDSB) climbed 2.9% after HSBC initiated coverage of the oil major with an overweight rating. HSBC also started coverage of BP PLC (BP), 0.5% higher, and BG Group PLC , up 1.1%, 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 higher. The London index moved a notch higher in afternoon trade after U.S. jobs data showed that 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 1.4% 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 2.1% 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 1.1% after Barclays upped the water-utility firm to overweight from equal weight. And also on the ratings theme, Wm Morrison Supermarkets PLC closed 0.9% higher after Citigroup lifted the company to neutral from sell. Outside the main index, Domino's Pizza Group PLC slid 9.3% 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 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
09/28/201609:50:00Australia Seeks More Information on BP's Drill Plan
09/28/201609:39:00Australia's Oil Regulator Again Seeks More Information on BP's...
09/28/201606:23:00Australia Regulator Seeks More Information on BP's Drill Plan
09/27/201611:29:00BP Signs Amendments to Three Concession in Egypt
09/21/201612:55:00Oil Companies in Iraq Hunker Down as Investment Slows
09/16/201619:05:00BP's Whiting, Ind., Refinery to Repair Crude Unit
09/16/201617:33:00ADRs End Lower; Banks, Oil Firms Slide
09/16/201607:00:00Exxon's Accounting Practices Are Investigated
09/12/201616:00:00Bank of England Lists Corporate Bonds Eligible for Purchase
09/08/201600:32:00China's Biggest Teapot Refinery Seeks More Long-Term Contracts
09/07/201610:31:00Global Oil Demand Closing In on Supply, Executives Say
09/07/201603:02:00European Firms Borrow at Subzero Rates -- WSJ
09/06/201619:33:00European Companies Rush to Borrow for Free
09/06/201609:16:00Now Companies Want to Borrow Money for Free
09/01/201604:22:00BP Signs Second Chinese Shale Gas Contract with CNPC
08/30/201603:04:00Statoil Slashes Project Spending -- WSJ
08/29/201621:10:00Companies' Report on Brazil Dam Failure Adds Little New on Causes
08/29/201604:40:00Statoil Recalibrates Giant North Sea Project to Save Billions...
08/29/201604:09:00Statoil to Cut Costs, Raise Output at Giant North Sea Oil Project...
08/25/201603:03:00Oil Firms Binge on Debt -- WSJ

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