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UK stocks flat as oil majors slide

Thursday, 27th December 2018
UK stocks edged lower Thursday morning as oil majors Royal Dutch Shell and BP were on the back foot pressured by a decline in oil prices.

At 09:26, The FTSE 100 slipped 0.26% to 6,669, as BP and Shell, among the two biggest on the blue-chip index in terms of market cap, fell 2% and 0.7%, respectively.

The slide in the oil majors comes as Brent oil futures for March delivery slipped 3.1% to $53.57 per barrel, a day after surging 8%.

Broking house Plus500 said it expected full-year performance would top market expectations as wild swings in markets had propped up trading activity during the fourth quarter of the year. Its shares surged 5.6%.

Oil and gas company Faroe Petroleum slipped 0.5% after it said that no hydrocarbons had been found at the Cassidy well.

Among small caps, Mobile commerce group Bango warned annual earnings would fall short of market expectations despite annual end user spend expected to more than double, sending its shares more than 2% lower.

Georgia Healthcare Group fell 2% despite revealing its medical insurance business had won two large tenders.

Anglo African Oil & Gas soared 9% after it struck oil at its Tilapia licence in the Republic of Congo.

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Related Shares: Bango, Georgia H, Plus500

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