By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 index inched higher
on Tuesday, as gains for tobacco firms offset losses for oil
producers, which were spurred by a surprise cut in Saudi Arabia oil
prices.
The London stock benchmark rose 0.1% to 6,494.24, after closing
with a 0.9% slide on Monday.
Helping push the FTSE above the flatline on Tuesday, shares of
Imperial Tobacco PLC (ITYBY) picked up 1.7% after the company
posted a rise in full-year profit.
British American Tobacco PLC (BTI) added 1.1%.
Legal & General Group PLC climbed 2.3% after the insurance
firm said annuity sales have risen, despite the U.K. government's
budget earlier this year, which ended the requirement for
pensioners to buy annuities when they retire.
Adding pressure in London, however, oil firms moved firmly lower
after Saudi Arabia late Monday unexpectedly cut prices for crude
sold to the U.S. The price cut also sent oil futures sharply lower,
with the December contract (CLZ4) sliding 1.8% to $77.38 a
barrel.
BP PLC (BP) dropped 1.4%, Royal Dutch Shell PLC (RDSB) slumped
1.7% and BG Group PLC lost 1.3%.
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