News Column

UK energy shares fall

February 5, 2014

! LONDON , Rabi'II 4, 1435, Feb 4, 2014 , SPA -- Shares in London -listed energy companies fell further and touched their lowest in more than three months on Tuesday following some poor company results and on growing concerns about global demand for raw materials, Reuters reported. The UK oil and gas index fell for a third straight session and dropped as much as 0.8 percent to its lowest since mid-October, with oil major BP falling 1.5 percent after posting a 37 percent drop in fourth quarter profit. The sector has face some selling pressure on signs of slowing growth in the United States and China , the world's top oil consumers. Latest data showing U.S. manufacturing activity slowed sharply in January and disappointing factory activity reports from China have prompted investors to trim their exposure to riskier assets like equities. Weaker energy stocks put pressure on the blue-chip FTSE 100 index, which fell for fifth straight session and was down 0.4 percent at 6,424.86 points by 0908 GMT after falling to an intra-day low of 6,416.72, the lowest since October. --SPA 12:49 LOCAL TIME 09:49 GMT All Rights Reversed for Saudi Press Agency Provided by Syndigate.info , an Albawaba.com company


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Source: Saudi Press Agency (Saudi Arabia)


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