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Date: Tuesday 29 Apr 2008
LONDON (ShareCast) - Oil stocks are buoyant following strong first quarter results from BP and Shell.
Increased oil prices helped profits of oil giants Royal Dutch Shell and BP come in well ahead of forecasts in the first quarter. Shell said net income rose 12% to $7.8bn on a current cost basis compared with $6.9bn in the same period last year. First quarter reported income jumped 25% to $9bn. BP smashed through market forecasts in the first quarter, with replacement cost profit up 48% to $6.58bn compared with expectations of about $5bn. Oil stocks BG Group, which issues first quarter results tomorrow, and Cairn Energy were also higher.
However, elsewhere in the world of commodities, miners are on the back foot after London copper prices fell. Kazakhmys is the heaviest faller joined in the bottom 10 by its Kazakh compatriot ENRC, Rio Tinto and BHP Billiton.
FTSE 100 - Risers
Royal Dutch Shell 'B' (RDSB) 2,025.00p +5.30%
BP (BP.) 607.00p +4.93%
Royal Dutch Shell 'A' (RDSA) 2,036.00p +4.89%
Shire (SHP) 922.00p +2.10%
Friends Provident (FP.) 119.00p +1.54%
Amec (AMEC) 789.00p +1.35%
Admiral Group (ADM) 822.50p +1.04%
Cairn Energy (CNE) 3,026.00p +0.90%
Carnival (CCL) 1,943.00p +0.78%
BG Group (BG.) 1,307.00p +0.69%
FTSE 100 - Fallers
Kazakhmys (KAZ) 1,642.00p -4.81%
Home Retail Group (HOME) 240.00p -4.48%
John Wood Group (WG.) 417.00p -3.92%
Wolseley (WOS) 524.50p -3.32%
Persimmon (PSN) 584.00p -3.07%
Rio Tinto (RIO) 6,045.00p -2.91%
London Stock Exchange Group (LSE) 1,075.00p -2.80%
Prudential (PRU) 689.00p -2.68%
BHP Billiton (BLT) 1,828.00p -2.61%
Eurasian Natural Resources (ENRC) 1,256.00p -2.56%