Investments: Oily start as FTSE gets back to business after May Day
Oil find boosts FTSE early
Tuesday, 06 May 2008 10:00
A significant oil find by Tullow helped to spur the markets early today, although Lloyds TSB's writedown kept things a little chilly.
At 9:12 the Tullow Oil share price rose over 16 per cent to 883.50p, after it revealed it struck oil off Ghana.
Aidan Heavey, chief executive of Tullow said the discovery "enforces our interpretation that Jubilee [oil field] is a major discovery and is likely to lead to a material upgrade of current resource estimates".
Lloyds TSB was down under one per cent this morning to 448p – after it admitted it would be forced to make a £387 million writedown.
However, its prediction for profits remained good and it does not intend to turn to shareholders for funds with a rights issue.
Research firm Taylor Nelson Sofres (TNS) also saw gains after it announced it had rejected a takeover bid from rival WPP Group.
The firm's shareprice rose over 11 per cent in early trading to 240.25p.
Early falls of the first day of the shortened week were recorded for Russia-focussed oil firm Imperial Energy Corp, Bovis Homes, and property firm Brixton.
The LSE Group also saw falls of over four per cent.
Daniel Barnes
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