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.
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.
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- January 5, 2015
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