FTSE 100 watch: Footsie steady as oil price rises

DCC share price heads south after updates

FTSE 100 watch: Footsie steady as oil price rises

The UK benchmark index has climbed higher in today’s session, lifted by a rise in oil prices which have fuelled demand for FTSE 100 energy stocks. In individual movers, DCC (LON:DCC) has fallen deep into the red following a string of updates.

FTSE 100 inches higher

As of 12:20 BST, the Footsie had added 15.43 points to stand 0.21 percent higher at 7,526.92, helped by oil majors which have tracked crude prices higher amid US sanctions against Iran.

“Unless the US releases reserves or OPEC commits to further output to plug the gap, oil could continue to crank higher from here. Breaking out of multi-year highs leaves Brent facing little resistance on the upside,” said Markets.com analyst Neil Wilson, as quoted by Reuters.

Royal Dutch Shell (LON:RDSA) has added 0.40 percent to 2,643.50p while shares in peer BP (LON:BP) are changing hands 1.09 percent higher at 592.40p.

Individual blue-chip movers

In individual blue-chip movers, DCC has fallen deep into the red after the company said that it expects its operating profit for the six months ending September 30 to be in line with forecasts. The group further announced that its Technology unit had acquired the Jam Group of Companies in North America, and separately proposed a placing of up to 8,904,500 new ordinary shares. DCC’s share price is currently 4.08 percent worse off at 7,011.77p.

TUI Group (LON:TUI) meanwhile is outperforming the FTSE 100 after saying that it expects to deliver a fourth consecutive year of double-digit earnings growth, despite this year’s  hot weather spell. The blue-chip operator’s shares are 2.36 percent up at 1,472.00p.

The FTSE 100 index was 0.28 percent up at 7,532.34 points as of 12:33 BST on Thursday, 27 September 2018.

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