FTSE 100 watch: Rise in oil helps keep Footsie afloat

RBS shares underperform as CFO steps down

FTSE 100 watch: Rise in oil helps keep Footsie afloat

The UK benchmark index has climbed into positive territory, recouping some of the previous session’s hefty losses, finding support in stronger oil. In individual movers, Royal Bank of Scotland Group (LON:RBS) is underperforming the FTSE 100 as it unveiled that its chief financial officer was stepping down.

FTSE 100 gains ground

As of 12:20 BST, the Footsie had added 23.39 points to stand 0.31 percent higher at 7,656.03. The blue-chip index has recovered some of the ground lost yesterday, finding support in Royal Dutch Shell (LON:RDSA) and BP (LON:BP), which have tracked oil prices higher. Shell’s shares are currently changing hands 1.74 percent higher at 2,596.50p, while BP’s share price is 1.61 percent better off at 2,596.50p.

“The FTSE 100 has been consolidating since the early losses exhibited yesterday. With the price moving into a previously notable region of resistance, we could see some support come into play,” Joshua Mahoney, market analyst at IG, commented in a note, adding, however, that despite that, “a bearish outlook remains valid, with further downside looking likely from here”.

Individual Footsie movers

In individual movers, RBS is underperforming the FTSE 100, having given up 0.50 percent to 278.60p. The bailed-out lender announced today that Ewen Stevenson had resigned from his role as Chief Financial Officer to take up an opportunity elsewhere. The news of his departure comes amid expectations that the government will resume trimming its stake in the bailed-out lender.

AstraZeneca (LON:AZN) meanwhile is 0.44 percent up at 5,426.00p, despite reporting that one of its respiratory treatments had failed in a late-stage trial for chronic obstructive pulmonary disease.

The FTSE 100 was 0.29 percent up at 7,654.89 points as of 12:42 BST on Wednesday, 30 May 2018.

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