FTSE lower in early trading

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FTSE lower in early trading

Phil

24th April 2006

Shares moved lower in opening deals this morning as jitters over the continuing high price of crude oil unnerved investors.

At 9:00am, the FTSE100 was down 1.3 points at 6131.4. The FTSE250 was up 3.4 points at 9,954.2 and the AIM100 was also up, ahead 30.5 points at 6,447.

The banking sector was under pressure, with investors cashing in on last week's US interest rate hopes inspired gains.

News that crude continued to flirt with a record $75 a barrel took its toll on oil companies like BA and ICI.
Oil stocks BP and Tullow Oil both climbed higher in early trading ahead of the upcoming results from the majors.

Miners were also higher as copper and aluminium prices hit record highs yet again this morning.

Tesco and Imperial Tobacco were higher ahead of results this week.

M&A activity also played with EMI on the back of a report in the Sunday Times it is preparing to start fresh merger talks with Warner 'within months'.