FTSE 100 on the rise, reflecting strength in miners as well as oils
By Sarah Turner, MarketWatch
Last Update: 10:12 AM ET Jul 6, 2007
LONDON (MarketWatch) — Shares of major oil companies advanced Friday in London, with Royal Dutch Shell hitting a multiyear high and rival BP gaining ground after the two got upgraded by Deutsche Bank analysts.
Miners were also making fresh highs as the trading week drew toward a close.
Broadly, London’s FTSE 100 index (UK:UKX: news, chart, profile) added 22 points, or 0.3%, to 6,657.20.
Royal Dutch Shell saw its shares advance 2.5% to 2,107 pence, just off a session high of 2,117. The shares haven’t traded at this level for two years.
Deutsche Bank upgraded Royal Dutch Shell to buy from hold, with the broker lifting its price target to 2,375 pence ($95.82 per U.S.-listed share), up from 1,925 pence previously.
“Our price-target increases reflect our view that the risks to our long-run oil price estimate of $45/barrel are now significantly to the upside. This implies that the rate of return fade is likely to mitigate over the coming years and suggests that we are now closer to a mid-cycle return than that typical of the peak,” the broker said.
Meanwhile, shares of BP increased 0.9% to 610 pence as it was also upgraded to buy from hold.
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