The Guardian (UK): Dip in oil sector fails to halt FTSE 100
“In the past month, Shell has risen 16% as index-tracking funds have positioned themselves for its merger with sister company Royal Dutch. The deal will create a company with a market value of around £130bn… The unification is due to be completed a week tomorrow…”
Tuesday July 12, 2005
Neil Hume
The FTSE 100 pushed on to a fresh three-year high yesterday despite a weak performance from the heavyweight oil sector, which was hit by a flurry of profit-taking as the crude price fell back from recent highs.
London’s strong showing was largely down to Wall Street, which rose an impressive 147 points on Friday and managed a further advance in early dealings yesterday. That said, Vodafone also made a contribution. The mobile phone group climbed 1.75p to 141p as two leading brokers advised clients to pick up stock. US bank Lehman Brothers started the ball rolling by recommending a switch out of BT Group, up 0.75p to 229.75p.