The FTSE 100 Index powered nearly 1% higher today as hefty gains from oil giant BP helped it overcome a second day of trading being suspended in storm-ravaged New York.
It is the first time since 1888 that the New York Stock Exchange NYSE has remained closed for two sessions in a row due to the weather, but a 4% lift for BP helped London’s main market shrug off any uncertainty and gain 54.8 points to 5,849.9.
BP rose 17.9p to 442.9p after it said it would deliver a bigger-than-expected 12.5% increase in its quarterly dividend.
Cigarette-maker Imperial Tobacco also made gains – up 2%, or 38p at £23.70 – after it increased its full-year dividend by 11% and reported an 8% rise in annual earnings.
Other big Footsie risers included Barclays ahead 7.8p to 238.8p, Resolution 6.5p higher at 213.7p and GKN up 5.6p to 210.1p.
Banking giant Standard Chartered was one of the biggest Footsie fallers – down 1%, or 14p at 1483.5p – after it said operating profits for the first nine months of its trading year had been hit by a settlement over alleged violations of US sanctions on Iran.
National Grid came under pressure as its US arm dealt with the impact of the superstorm hitting America’s east coast. Shares were off 5.5p at 702.5p.
Other big fallers included United Utilities down 19p to £6.95 and Randgold Resources off 85p to £72.50.
Outside the top flight, Premier Foods jumped 7.5p to £1.09 after the Hovis and Mr Kipling firm struck another deal to sell one of its non-core brands.
Stuart Lamont, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, highlighted Weir Group up 2.6% to £17.64, Amec adding 2.3% to £10.58 and FirstGroup rising 2.2% to 191.8p.
Parkmead Group fell 4% to 15p, Xcite Energy lost 2.8% to 95.25p and Bridge Energy eased 0.4% to £1.41.
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