By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks moved higher Thursday, with
most oil stocks finding respite after sharp losses on the back of
plunging oil prices, although energy-engineering firm Weir Group
PLC fell following a ratings downgrade.
The FTSE 100 picked up 0.2% at 6,513.24. The index on Wednesday
fell 0.5%.
The oil and gas group was the best-performing, rising 1.3% as
oil-services company Petrofac Ltd. topped the index with a 2.1%
gain. Oil majors BP PLC and Royal Dutch Shell PLC (RDSB) gained
1.7% and 1.3%, respectively, while Tullow Oil PLC advanced
1.9%.
Oil shares were hit Wednesday as U.S. crude-oil futures sank 5%
following an unexpected rise in weekly U.S. supplies.
Shares of Weir were down 0.9% after Citi Research cut its rating
on the energy-engineering firm to neutral from buy. The 35% drop in
oil prices since September "has driven a deteriorating earnings
outlook," for Weir, wrote analyst Andrew Simms in Thursday
note.
Meanwhile, shares of Sports Direct International PLC rose 0.3%
after the retailer posted a 5% rise in first-half pretax
profit.
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