Newspaper article The Journal (Newcastle, England)

Oil and Gas Firms Dominate Leaderboard

Newspaper article The Journal (Newcastle, England)

Oil and Gas Firms Dominate Leaderboard

Article excerpt

Byline: Steven Keppie

THE FTSE 100 Index continued its positive start to the week yesterday, following the release of a raft of strong company earnings.

The Index finished the day 62.8 points higher at 5,757.4. Companies within the mining sector and the oil and gas sector dominated the leader board, with Tullow Oil showing the biggest rise of 4.1% to 1219p.

Serco was the biggest faller in the Index for the second day running as the shares fell 3.7% to 565.5p.

Oil and gas heavyweights BG Group and BP released third quarter results yesterday. BG Group''s results came in ahead of consensus estimates and showed a strong performance from its liquefied natural gas division. Further upbeat news came from Brazil, as the estimated recoverable oil reserves from this region had risen significantly. The shares closed the day 3.4% higher at 1,252p.

Turning to BP, the cost of the clean up for the Gulf of Mexico oil spill and the uncertainty as to the ultimate financial liabilities came into focus. …

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