LONDON MARKETS: BP Rises In London After U.S. Court Decision
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- The FTSE 100 index posted one of the biggest gains among European indexes on Thursday, as shares of BP PLC helped push the benchmark higher and Tesco PLC rose after a broker upgrade.
The FTSE 100 index gained 0.3% to 6,454.05, on track to break a four-day losing streak.
Shares of BP (BP) climbed 0.8% after a U.S. court halted some settlements related to claims over the oil spill in the Gulf of Mexico in 2010. BP said in a statement that the ruling "affirms what BP has been saying since the beginning: claimants should not be paid for fictitious or wholly non-existent losses."
Further on the rise in London, shares of Aviva PLC added 2.6% after the insurance firm said it received $2.6 billion in completing the sale of its U.S. life and annuities business, $0.8 billion higher than the estimate announced in December.
Shares of Tesco (TSCDY) put on 1.2% after Citigroup lifted the supermarket firm to neutral from sell.
Vodafone Group PLC (VOD) rose 1.4%. The wireless telecom firm said Chief Financial Officer Andy Halford will leave the company at the end of March, after the transaction with Verizon Communications Inc. (VZ) is completed, and Nick Read will then take over as finance boss.
On a more downbeat note, shares of SABMiller PLC (SBMRY) gave up 1.3% after Credit Suisse cut the brewer to neutral from outperform. The analysts said 2014 looks tough, with weakness in emerging markets and reinvestment requirements seen as some of the main obstacles.
Shares of Intertek Group PLC dropped 1.3% after the provider of safety services said it has acquired Global X-Ray & Testing Corp.
Investors in London also monitored the budget debacle in the U.S. Congress, as the government shutdown moved into a third day after lawmakers failed to come up with an agreement late Wednesday at a meeting with President Barack Obama.
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(END) Dow Jones Newswires 10-03-130723ET Copyright (c) 2013 Dow Jones & Company, Inc.