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FTSE jumps as energy shares rebound FTSE jumps as energy shares rebound
(about 3 hours later)
(Open): The FTSE 100 rose by more than 1% in early trade, with energy shares climbing following a recovery in the oil price. (Noon): The FTSE 100 remained more than 1% higher at midday, with energy shares climbing following an early recovery in the oil price.
The price of Brent crude rebounded from five-year lows on Monday and stabilised at around $72 a barrel. The price of Brent crude, though, was down 1.2% in mid-session trade, at $71.65 a barrel.
Among energy stocks, Tullow Oil rose 5.2%, BG Group climbed 3.1% and BP shares were up 2.1%. Among energy stocks, Tullow Oil rose 5%, BG Group climbed 2.6% and BP shares were up 2.4%.
The rebound pulled the FTSE 100 higher, with the benchmark index up 76.53 points at 6,732.90. The rebound pulled the FTSE 100 higher, with the benchmark index up 78.9 at 6,735.27.
Royal Mail shares fell 2.2% after regulator Ofcom said the universal postal service was not under threat. Royal Mail shares fell 2.6% after regulator Ofcom said the universal postal service was not under threat.
Ofcom also said it would not impose new conditions on Royal Mail's competitors.Ofcom also said it would not impose new conditions on Royal Mail's competitors.
Friends Life shares were 4.2% higher after it agreed to be bought by Aviva in a £5.6bn deal. Shares in Aviva rose 1.5%. Friends Life shares were 3.8% higher after it agreed to be bought by Aviva in a £5.6bn deal. Shares in Aviva rose 1.5%.
On the currency markets, the pound fell 0.15% against the dollar to $1.5705 and edged up 0.04% against the euro to €1.2620. On the currency markets, the pound fell 0.4% against the dollar to $1.5663 and lost early gains against the euro to stand 0.16% lower at €1.2595.