On Friday, British blue-chip shares looked for firm direction, as the key commodities sector demonstrated mixed moves, while in general, the market remained on track in order to end a two-week run of losses.
The FTSE 100 dipped to 5,967.99 or 0.9%, but early in the session, it managed to grow 0.3%.
Stocks of energy companies went up, though oil prices went in the opposite direction. On Thursday, crude prices dipped after a Saudi Arabian official told his country isn’t ready to cut production. The given announcement came along with a report, demonstrating a surge in American crude inventories.
Royal Dutch Shell PLC and BP PLC grew respectively 0.4% and 0.8% in London. The stocks appeared to be in line for weekly gains of more than 4.5%.
Some mining stocks languished in the red along with BHP Billiton PLC, an iron ore manufacturer down 0.7% and its competitor Rio Tinto PLC even lower than this value. However, Anglo American PLC, a copper producer managed to bounce 1.6%, thus setting itself on track for its 17% week’s soar. By the way, the miner unveiled its plans as for asset sales.
Revenues for commodity stocks play a significant role in a potential weekly leap of 4.9% for the FTSE 100.