Energy Voice

Tullow Oil shares bounce back

Energy Reporter, 12th December 2012

The FTSE 100 Index closed at its highest level since March today as traders bet on more stimulus measures to help the US economy.

The FTSE 100 Index was 20.9 points higher at 5,945.9, with better-than-expected UK unemployment figures also helping to buoy markets.

There was little in the way of major blue-chip corporate news so attention was focused on the retail sector after results from fashion chain SuperGroup.

It reported a 13% rise in underlying pre-tax profits to £14.7million in the six months to October 28 and said sales growth had picked up pace since then.

Shares failed to respond to the update however, as Numis Securities said the profits figure was well short of its £17.4million estimate. Shares in the FTSE 250 Index company posted a decline of 6.6%, or 39.5p to 557p.

Transport group Stagecoach was 2.4p lower at 300p as it vowed to fight a lawsuit which will attempt to break up its sightseeing bus company in New York City.

The biggest FTSE 100 risers were Evraz up 11.4p to 263.7p, Tullow Oil ahead 32p to £11.82, Admiral Group 31p higher at £11.46 and Anglo American up 49.5p to 1,182.5p.

The biggest FTSE 100 fallers were WM Morrison down 3.2p to 266.8p, Aggreko off 25p to £21.75, Whitbread 27p lower at £24.61 and Johnson Matthey down 24p to £24.33.

Stuart Lamont, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted EnQuest climbed 1.3% to 117.35p, the Royal Bank of Scotland was up 1.2% to 301.4p and Standard Life added 1% to 334.6p

Among the fallers, AMEC shed 0.8% to £10.43 while FirstGroup lost 0.5% to finish at 188.15p.

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