Oil prices raise FTSE as US jobs report disappoints

London’s highest index was raised on Friday by its oil majors and mining giants as it ignored disappointing US employment figures.

The FTSE 100 had added 0.3% to its value at the end of the day, despite a US non-farm workforce well below expectations.

He finished in 17.51 ​​points at 7,095.55.

Figures from Washington showed 194,000 jobs were created last month, below the half-million that analysts had predicted.

“Overall, however, given the above, the markets appear to have taken it reasonably well, holding their ground and avoiding a significant decline so far this afternoon,” the analyst said. IG Chris Beauchamp.

The rise in the price of oil, which hit a new three-year high on Friday, was enough to help the FTSE emerge from any gloom.

The price of Brent crude had risen about 1.6% to US $ 83.23 a barrel as markets prepared to close across Europe.

It boosted BP and Shell shares, up 2.5% and 2.2% respectively.

“Part of the hesitation in the markets is also due to the continued rise in oil, which, far from slowing down, seems to be accelerating now that Opec + has chosen to keep production stable for the time being,” said Beauchamp.

“The global economy, facing serious bottlenecks leading to inflation in a multitude of sectors, is ill-equipped for another supercharged oil price hike, and this could well be the big risk for the fall. . ”

In the United States, the S&P 500 and the Dow Jones were both trading rather flat as markets closed in London. The European cousins ​​of the FTSE were in the red, the Dax losing 0.3% and the Cac 40 falling 0.6%.

The British pound was stable against the dollar, trading at 1.3632, and against the euro at 1.1782.

In London, Royal Mail announced Friday morning that it had acquired Canadian logistics company Rosenau Transport, which it will add to the company’s 27 depots in the country.

The £ 211million deal will see Royal Mail’s subsidiary General Logistics Systems, which operates on the west coast of the United States, connect to operations north of the border.

Royal Mail shares closed 0.7% lower.

Despite attempts to call the summer “exceptional” and an August when sales were 50% higher than before the pandemic, Hollywood Bowl stocks did not strike.

The company closed just 0.4%, despite gaining 5.3% earlier today.

The biggest risers of the FTSE 100 were BP, up 8.75p to 353.55p, Shell A, up 36.2p to 1,708.6p, Shell B, up 34.8p to 1,714.6p , Standard Chartered, up 8.8p to 480.8p, and Rolls-Royce, up 2.48p to 143.7p.

Aveva, down 117p to 3,478p, United Utilities, down 40p to 1,770.5p, Spirax-Sarco, down 235p to 14,500p, Smurfit Kappa, down 53p to 3,804p, and Rightmove, in drop from 9p to 670.4p.

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