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The Times: Shell sets the pace as recovery gains ground

September 5, 2007
Robert Lindsay: Large caps

The FTSE 100 fightback continued yesterday as oil prices and a positive opening on Wall Street helped to calm nerves. The blue-chip index closed up 61.6 points at 6,376.8, driven by oil stocks such as Shell, which topped the leaderboard, up 56p at £19.85.

UBS, the broker, moved Shell to “buy”, from “neutral”, and said that its share price fall since early July had gone too far. It left its price target of £23 unchanged. Shell also announced a deal to sell liquefied natural gas to China.

Oil prices in the United States climbed above $74 on growing fears that oil platforms would be hit by severe storms this season, a fear sparked by Hurricane Felix reaching land in Central America, making 2007 the first year in which two category-five hurricanes have hit land in a single season since 1886. As a result, BG Group also performed well, rising 19p to 800½p. BP rose 10½p to 561p.

Tullow Oil further improved its chances of entrance to the FTSE 100 next week with strong results and a share price gain of 34p to 547p.

 http://business.timesonline.co.uk/tol/business/markets/article2388802.ece

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