By KUNA
London : Shares on the London Stock Market ended the week on the front foot after strong gains for miners and beleaguered financial stocks Friday.
The recovery was helped by the absence of dealing in New York, with traders away from their desks for the Thanksgiving holiday yesterday, traders here said.
Speculation about merger and acquisition activity also boosted sentiment, with the Financial Times Index of the top 100 company shares 59.8 points higher at 6215.1 in the first hour of trading.
The takeover rumours centred on a report that France’s “Axa” could be interested in bidding for rival insurance group “CNP,” the traders added.
A major British bank Barclays recovered 6.25 pence to 500 pence and the Royal Bank of Scotland added 5.75 pence to 408 pence.
However, the ailing Northern Rock bank proved to be the exception, down 6.8 pence at 77.3 pence, after a newspaper raised fresh doubts about the company’s ability to repay the 24 billion pounds of taxpayers’ money loaned from the Bank of England (Britain’s Central Bank).
Meanwhile, crude oil traded near USD 97 a barrel after failing to reach USD 100 this week because increased shipments and slowing demand in the US may bolster stockpiles, the traders said.
Light, sweet crude for January delivery was at USD 97.42 a barrel, up 13 cents from the November 21 close, in after-hours electronic trading on the New York Mercantile Exchange.
Britain’s North Sea benchmark Brent crude for January settlement was up 53 cents at USD 95.03 a barrel, on the London-based ICE Futures exchange.