MW: Oil stocks up as FTSE 100 aims to break loss streak
By Carla Mozee, MarketWatch
LONDON (MarketWatch) — U.K. stocks rose Friday, with gains for oil issues supporting the FTSE 100 toward its first advance in four sessions.
The FTSE 100 index UK:UKX +0.27% rose 0.3% to 6,834.21, but was still poised for a weekly decline of 0.2%.
Oil shares were up as crude prices moved higher ahead of the release of the widely watched monthly U.S. jobs report. Wall Street expects a sizable increase of 210,000 jobs for May, raising the prospect of stronger oil demand as the labor market and the economy continue to improve.
Shares of oil major BP PLC UK:BP +0.66% BP +0.50% climbed 0.7%, extending Thursday’s rise of 0.4%. Royal Dutch Shell PLC RDS.B +0.40% RDS.B +0.40% tacked on 0.7% and BG Group UK:BG +0.28% rose 0.2%.
The jobs report is due at 8:30 a.m. Eastern Time.
The FTSE 100’s top performer was Aggreko PLC UK:AGK +1.93% , up 2.1% after the temporary-power provider’s buy rating was reaffirmed at Jefferies.
But decliners included consumer discretionary and staples firms, with luxury-goods retailer Burberry Group PLC UK:BRBY -1.34% BURBY -1.81% down 1.2% and Wm. Morrison Supermarkets PLC UK:MRW -0.73% lower by 0.8%. Morrison said this week that chairman Sir Ian Gibson won’t seek re-election for the position next year.
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