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FTSE 100 pares losses as oil giants advance

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Footsie losses of the morning were all but eliminated in the afternoon session.

The status quo was virtually restored as investors wait on tomorrow’s Fed announcement across the sea and Thursday’s referendum vote north of the border.

The FTSE 100 finished down 12 at 6.792, having fallen below 6,750 at one stage.

Oil shares such as BP, Shell and BG contributed to the recovery, as the price of crude rallied.

On AIM, closely followed online retailer ASOS (LON:ASC) shed 12% after another profit warning.

Among the small caps, TXO (LON:TXO) soared 39% after it revealed one of its investments, Morgan Oil Marine (Bahamas) Limited, has had a contract extended.

Power firm Rurelec (LON:RUR) advanced 19% after it said its projects in Chile, Peru and Argentina are progressing well.

It also told investors that it is exploring one or more major alliances which could accelerate the company's growth without the need for additional investment from shareholders.

Silver miner Arian Silver (LON:AGQ) told investors that “excellent progress” continues to be made in the refurbishment and reassembly of the plant at the San Jose project in Mexico. Shares were up almost 11%.

Heavily traded Motive Television (LON:MTV) hardened 12% after it said its production company subsidiary has won two contracts worth a total of £307,200 expected to be received in the current financial year.

Sphere Medical (LON:SPHR) shares climbed 5.05% after it announced it is to launch the miniature version of its in-line blood gas analyser, Proxima 3, at this week’s AAGBI Annual Congress in Harrogate.

The new analyser allows results to be taken from a patient's bedside for better critical care.

On the downside Helius Energy (LON:HEGY) and Sportech (LON:SPO) both lost around a quarter of their value, the former after a potential financing partner pulled out of the Avonmouth project and the latter after the Upper Tribunal (Tax and Chancery Chamber) ruled in favour of Her Majesty's Revenue & Customs in HMRC's appeal case relating to a VAT repayment claim on Sportech’s "Spot the Ball" game.

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