BP shares jumped nearly 4% on Wednesday after the oil major was among several foreign firms granted new exploration and production licences in Libya for the first time in 17 years, according to The Independent. The FTSE 100 stock was one of the index’s biggest risers as Libya, a hydrocarbon-rich nation, seeks to draw major energy companies back with a plan to boost daily oil production by 850,000 barrels over the next quarter-century.
The broader London market closed mixed, with the FTSE 100 rising 118.27 points, or 1.1%, to 10,472.11. The FTSE 250, however, fell 52.76 points, or 0.2%, to 23,416.54. The moves followed stronger-than-expected US jobs data, which showed non-farm payroll employment rose by 130,000 in January, nearly double the FXStreet-cited consensus forecast of 70,000. December’s figure was revised down to 50,000.
Other notable gainers on the FTSE 100 included Antofagasta, Persimmon, and AstraZeneca. The biggest fallers were St James’s Place, Relx, and Entain. On the FTSE 250, engineering firm Renishaw closed up 5.0% after reporting a 7.1% rise in half-year revenue to £365.6 million. Its adjusted pretax profit climbed 11% to £64.1 million, though statutory pretax profit fell 20% to £46.0 million.
In global markets, the reaction was varied. Stocks in New York were mostly lower, while in Europe, the Cac 40 in Paris fell 0.2% and the Dax 40 in Frankfurt dropped 0.4%. The German index was affected by news that carmaker BMW is recalling hundreds of thousands of vehicles worldwide over a technical fault and that Deutsche Lufthansa cancelled flights ahead of planned strikes. BMW shares edged up 0.2%, while Lufthansa fell 4.0%.
WTO Chief Calls for Reform
World Trade Organisation director-general Ngozi Okonjo-Iweala said the body was “at an inflection point,” telling a UN correspondents’ association that multilateral organisations “need to change to be fit for purpose.” She stated “the status quo is not an option,” noting the WTO has long been handicapped by a rule requiring full consensus. Reform will be a key topic at its ministerial meeting in Cameroon next month.
In currency and commodity markets, the pound eased to $1.3640 from $1.3661, while the euro stood at $1.1861, down from $1.1901. Gold rose to $5,055.15 an ounce, and Brent crude oil slipped to $69.82 a barrel. The yield on key US government debt widened, with the 10-year Treasury quoted at 4.17% and the 30-year at 4.81%.
Looking ahead, Thursday’s UK economic calendar includes releases for GDP, trade balance, and industrial production. Corporate results are due from Unilever, Relx, Schroders, and British American Tobacco. In the US, data on initial jobless claims and existing home sales are scheduled.
