Buoyant oil stocks power FTSE past 6,000

Integrated oil stocks helped Britain's top shares end higher on Monday, when gains were limited by weaker banks after Standard & Poor's warned a potential Greek debt deal would amount to a default.

The FTSE 100 index rose for a seventh straight day, adding 27.78 points, or 0.5 percent, to 6,017.54, closing above 6,000 for the first time since mid-May.

With U.S. markets closed for Independence Day, volume on the FTSE 100 was only 52 percent of the 90-day average.

Integrated oil stocks added the most points to the blue-chip index, despite a steadying crude price CLc1.

BG Group was up 0.8 percent as HSBC became the latest broker to lift its target price for the company which last week doubled its estimate of its share of reserves in Brazil.

Read Full Article from Reuters

- Posted: 2011-07-04 12:27:52

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