Newspaper article The Journal (Newcastle, England)

FTSE Shrugs off US Storm Lockdown; FTSE 100

Newspaper article The Journal (Newcastle, England)

FTSE Shrugs off US Storm Lockdown; FTSE 100

Article excerpt

Byline: Anna Matthews Brewin Dolphin

STOCK markets around the world were on a firmer footing yesterday after a plethora of strong results in Europe, followed by an encouraging bond auction in Italy, which depressed Italian yields to their lowest level since mid-2011.

The FTSE 100 Index was 51 points higher at 5846, despite authorities confirming that the New York Stock Exchange and Nasdaq stock market would remain closed.

All was not calm, however, as the aftermath of hurricane Sandy - and the storm surge brought with it - continued to wreak havoc on the east coast of America, halting trading on the New York Stock Exchange for the second day running. In London, Europe's second largest oil company, BP, surprised investors and analysts alike with a dividend increase, as third quarter results beat expectations. Net income reached PS3.4bn from PS3bn a year earlier, aided by strong refining margins and the highest level of crude oil processed in its refineries for seven years. …

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