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U.K.’s FTSE 100 flips higher; BP shares under pressure

U.K. stocks rose Monday, with travel shares among gainers as the first full week of trading in 2015 got underway.

The FTSE 100 UKX, -0.46% rose 0.3% to 6,566.72, a turnaround from losses seen when the market opened.

Travel stocks were higher as oil prices continued to decline, a move that’s seen as a benefit to the travel industry. Shares of cruise ship operator Carnival PLC CCL, +3.07% were up 2.8%, and British Airways parent International Consolidated Airlines Group IAG, +2.05% rose 2.4%, as did budget carrier easyJet PLC EZJ, +1.72% Off the benchmark, shares of Ryanair RYA, +2.55% RY4B, +2.45% rose 1.8% after the low-cost carrier said traffic in December rose 20%.

Oil futures dropped Monday, feeling the weight of a rising dollar on the commodity. Brent crude LCOG5, -1.45% and Nymex crude futures for February CLG5, -1.42% each fell 1.5%, with Brent below $56 a barrel and Nymex futures below $52 a barrel.

Shares of British oil major BP PLC BP, +0.00% fell 1%. BP came in to focus following a Financial Times report that the company is poised to lose hundreds of million of dollars in earnings and dividend income linked to its stake in Russian oil company Rosneft RU:ROSN because of the slide in oil prices and a slide in the ruble’s value.

NA
Copyright:
Bloomberg
Published on:
January 5, 2015
Source url:
http://www.marketwatch.com/story/uks-ftse-100-flips-higher-bp-shares-under-pressure-2015-01-05
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