Oil Company Shares Rose Nearly 2 Percent, An Indication Demand Will Increase
October 12th, 2009 | File Under : Companies - Mining Stock - Trade & Market
The banking sector, which had a dismal 2008, has jumped 171 percent since the market reached a floor in early March, outpacing the FTSEuro first 300, which is up 56 percent over the same period.
Barclays bucked the trend on Monday, down 1.2 percent. The Financial Times reported the UK lender is planning to spin off a 4-billion-pound ($6.35 billion) portfolio of complex credit assets in a bid to further clean up its balance sheet.
Shares of oil companies gained ground as crude oil futures hit the $73 mark, up nearly 2 percent, on optimism over the pace of global economic recovery and indications of stronger oil demand.
Total added 1.5 percent, Repsol rose 1 percent and BP gained 1.4 percent.
Around Europe, UK’s FTSE 100 index was up 1.1 percent, Germany’s DAX index up 1.5 percent, and France’s CAC 40 up 1.3 percent.
So far this year, the FTSEurofirst 300 is up 21 percent, the FTSE 100 up 18 percent, the DAX up 21 percent and the CAC up 20 percent.
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