UK stocks advance, energy stocks lead gains

By MoneyhighStreet Staff. Published on August 27, 2008 This post currently has no comments.

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UK stocks advanced today, with higher oil and metal prices leading commodity stocks higher.

At the close the FTSE 100 was up by 55.85 points to close at 5,526.50.

Energy stocks has been buoyed by oil prices hitting $116 per barrel, as well as a series of positive announcements from producers and refiners.

Tullow Oil''s gain was fuelled by the announcement that its interim profit stood at £126 million - effectively double last year''s figure.

Meanwhile, Petrofac also confirmed improved results for the period, with net profits rising by 57 per cent.

Other oil companies benefiting from recovering crude prices were BP, Royal Dutch Shell.

Commenting on the day''s movements, Tim Hughes, head of sales trading, told Reuters: "We have some reasonably big companies reporting today, the likes of Antofagasta and Tullow Oil, but in some way no great surprises. The stocks are reacting as you might expect."

Miners had been sent higher by firming copper prices, with Rio Tinto, BHP Billiton, Anglo American, Vedanta Resources and Ferrexpo all posting gains.