London’s blue-chip stocks opened flat as UK investors reacted more calmly than their US counterparts to the Federal Reserve’s latest action.
FTSE 100 was 3 points higher at 5,993, compared to a 222 points fall on the Dow Jones Industrial Average overnight.
The Fed acknowledged the market’s current turmoil, making it less likely that there’ll be a further interest rate rise anytime soon, but stopped short of ruling out a March rise.
In Asia, stock market benchmarks were also lower, but oil prices looking better helped the heavyweight sector.
Resources were having a good time generally with the Anglo American (LON:AAl) up 6% to 270p, Glencore (LON:GLEN) 3% higher at 94.9p and Antofagasta (LON:ANTO) 2.5% up at 385.3p.
Shell (LON:RDSB) led the oilers with a 2% gain to 1,495p but BP and BG were also rising.
Shell shareholders agreed to its merger with BG yesterday and today it is BG owners’ turn to vote on the £35bn deal.
British Gas owner Centrica (LON:CNA) took a heavy hit as SocGen downgraded to sell from hold, while rival big six gas supplier SSE lowered its prices by 5.3% from April.
Shares in Centrica fell 4% to 201.4p, while SSE (LON:SSE) was flat at 1,438p.
Down a league, Victoria Oil & Gas (LON:VOG) rose 14% to 30.8p as it expects to increase gas supply to customers around the Cameroon city of Douala by 30% in 2016 and drill two new wells on its Logbaba field.
While the prospect of Solo Oil (LON;SOLO) producing from a new prospect on the Isle of Wight lifted it 7% to 0.29p. Partner UK Oil & Gas didn’t fare so well and dropped 2% to 1.35p.
Away from oil and gas, e-commerce platform blur (LON:BLUR) was in favour again after encouraging metrics yesterday, adding 19% to 16.6p.