London’s FTSE 100 was up 0.1% at 7,137.66 in afternoon trade on Friday as investors mulled the latest US non-farm payrolls report.
BP was the standout gainer after Deutsche Bank upgraded the shares to buy’ from ‘hold’ and lifted the price target after revising its Brent oil price forecast for 2022 higher by 18% to $75 a barrel.
Analysts conceded that “skittishness” following Omicron’s appearance on stage and concerns over potential oversupply of the oil market were understandable. But they expected the $12 per barrel drop in Brent over the preceding week would prove an overreaction in due course.
Peer Royal Dutch Shell was also on the rise, while housebuilders Berkeley and Taylor Wimpey gained.
On the downside, online supermarket Ocado – which has benefited from lockdowns and restrictions – was the worst performer on the index.
Miners were also in the red as metals prices fell, with BHP, Anglo American, Rio and Antofagasta all weaker.
FTSE 100 – Risers
BP (BP.) 344.85p 2.45%
Kingfisher (KGF) 330.10p 2.23%
Berkeley Group Holdings (The) (BKG) 4,555.00p 2.15%
Pearson (PSON) 587.80p 2.01%
Royal Dutch Shell ‘B’ (RDSB) 1,661.20p 1.96%
Royal Dutch Shell ‘A’ (RDSA) 1,663.60p 1.86%
Abrdn (ABDN) 234.10p 1.78%
Taylor Wimpey (TW.) 164.55p 1.70%
DCC (CDI) (DCC) 5,734.00p 1.63%
M&G (MNG) 192.55p 1.61%
FTSE 100 – Fallers
Ocado Group (OCDO) 1,627.50p -3.12%
BHP Group (BHP) 2,040.50p -2.79%
Anglo American (AAL) 2,723.50p -2.73%
Rio Tinto (RIO) 4,593.50p -2.70%
Entain (ENT) 1,633.00p -1.80%
Antofagasta (ANTO) 1,366.00p -1.59%
Scottish Mortgage Inv Trust (SMT) 1,418.00p -1.29%
Informa (INF) 463.20p -1.19%
Melrose Industries (MRO) 144.15p -1.06%
AstraZeneca (AZN) 8,155.00p -0.92%
