Business

Energy companies boost FTSE 100



Search company or market
Search company or market:
Refresh this page Launch Marketwatch ticker
London | Wall Street | Asia

(Close): The market rose in Tuesday trade, with shares in energy-related companies climbing despite the weak oil price.

The FTSE 100 closed 33.53 points higher at 6,837.61, with Tullow Oil up 6.1% and Centrica 5% higher.

However, oil prices remained weak, with the price of Brent crude dropping to near $53 a barrel.

Sainsbury's shares jumped initially after the release of its latest update but ended up in negative territory.

The supermarket reported a 1.9% drop in like-for-like fourth quarter sales, the fifth consecutive quarterly decline.

Shares in Sainsbury's jumped 2% as the market opened, but then slid back to stand 0.8% lower at the close of trading.

Antofagasta shares fell 2.8% after the mining company reported a fall in half-year earnings.

Among the smaller firms, Just Eat shares rose 0.5% after the online marketplace for takeaway food reported a strong rise in revenues.

The company said revenues in 2014 hit £157m, up 62% on the year earlier.

Shares in fashion retailer French Connection dropped 10.9%, despite it reporting a smaller annual loss.

The underlying operating loss of £0.8m compared with a deficit of £4.4m a year earlier.

Chairman and chief executive Stephen Marks said the results "show that we have made another step towards returning French Connection to profitability".

On the currency markets, the pound fell 0.56% against the dollar to $1.4743 and dropped 0.88% against the euro to €1.3907.