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Saturday, January 31, 2015, Magh 18, 1421, Robi-Us-Sani 9, 1436 Hijr


Oil company shares rocked by plunging prices
Published : Saturday, 31 January, 2015,  Time : 12:00 AM,  View Count : 47

LONDON, Jan 30: Shares in energy companies fell Thursday after they announced falling profits on tumbling oil prices, although European markets were broadly steady.
London's FTSE 100 index, home to energy majors Royal Dutch Shell and BP, slid 0.22 per cent to end the day at 6,810.60 points.
Frankfurt's DAX 30 index added 0.25 per cent to 10,737.87 points.
While official data showing German unemployment fell in January to the lowest level since the country was reunited in 1990, inflation turned negative for the first time in more than five years, dropping to 0.3 per cent.
The CAC 40 in Paris rose 0.44 per cent to 4,631.43 points, while Madrid climbed 0.48 per cent and Milan moved up 0.56 per cent.
The Greek stock market finished the day up almost 3.2 per cent on Thursday and the country's four main banks rose nearly 13 per cent, recovering some of their losses from the previous day.
The Athens stock market had plunged over 9 per cent on Wednesday after Greece's new hard-left Prime Minister Alexis Tsipras scrapped key privatisation projects and pressed home his demand for a renegotiated deal on the country's multi-billion-euro bailout."Despite being spooked by Syriza's continued faith to their pre-election promises, the eurozone indices appear somewhat reassured by the country's discourse with the region's important financial figures," said analyst Connor Campbell at Spreadex trading firm.
Greek voters handed a decisive victory to radical left party Syriza at the weekend, putting the country on a collision course with its international creditors over its bailout and giving rise to fears that the country could exit the eurozone -- what is being dubbed a "Grexit".
The country's new finance minister, Yanis Varoufakis, will visit three European Union capitals next week to push the government's agenda for a renegotiated deal on its multi-billion-euro bailout, his office said.
On Thursday, the euro jumped to $1.1309 from $1.1284 late in New York on Wednesday.
New York oil prices tumbled close to six-year lows on Thursday, as record-high US crude inventories deepened worries over the global supply glut.
West Texas Intermediate (WTI) for March delivery dived to $43.57 a barrel, a level last seen on March 12, 2009.
The contract later stood at $43.87, down 58 cents from Wednesday's close.
European benchmark Brent North Sea crude for March meanwhile rose nine cents to stand at $48.56 a barrel in London late afternoon deals.    ?AFP













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