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Oil firms drag FTSE 100 lower Oil firms drag FTSE 100 lower
(about 11 hours later)
(Noon): The London market came under further pressure, with shares in oil firms being hit by the recent decline in the price of crude. (Close): The London market came under pressure again, with shares in oil firms being hit by the recent decline in the price of crude.
After rebounding on Friday at the end of a turbulent week, the FTSE 100 fell again and was down 58.94 points, or 0.9%, at 6,251.35 by midday. After rebounding on Friday, the FTSE 100 fell 43.22 points or 0.68% to 6,267.07.
The largest faller was BG Group which fell 3.8%. was 2.9% lower.
Petrofac dropped 2.8% after three investment banks cut their price target for the company's shares.Petrofac dropped 2.8% after three investment banks cut their price target for the company's shares.
Among other energy firms, BG Group fell 3.4% and BP was down 2%. Last week, the price of Brent crude oil hit a near four-year low of $82.60 a barrel. On Monday, Brent stood at $84.74 a barrel, while US crude also fell to $81.89 a barrel.
Last week, the price of Brent crude oil hit a near four-year low of $82.60 a barrel. On Monday, Brent stood at $86.06 a barrel, down 10 cents on the day, while US crude rose 20 cents to $82.95 a barrel. Tesco shares rose 2.7% to 179.30p after a report in the Times said some private equity groups were planning to bid for the supermarket's Asian business.
Tesco shares rose 2.3% to 178.60p after a report in the Times said some private equity groups were planning to bid for the supermarket's Asian business.
Tesco is due to report half-year results on Thursday, when it should give more details on its profits guidance error.Tesco is due to report half-year results on Thursday, when it should give more details on its profits guidance error.
Its shares have dropped 20% since it warned last month that it could have overstated its half-year profit guidance by £250m.Its shares have dropped 20% since it warned last month that it could have overstated its half-year profit guidance by £250m.
Outside the FTSE 100, shares in Spirit Pub Company jumped 6.9% after Greene King improved its takeover offer for the company. Outside the FTSE 100, shares in Spirit Pub Company jumped 9.62% after Greene King improved its takeover offer for the company.
Spirit says its board will accept the bid if other terms can be worked out.Spirit says its board will accept the bid if other terms can be worked out.
On the currency markets, the pound rose 0.18% against the dollar to $1.6123, while against the euro it was up 0.09% at 1.2623 euros. On the currency markets, the pound rose 0.48% against the dollar to $1.617, while against the euro it was up 0.19% at 1.263 euros.