Energy shares drive FTSE

ENERGY and banking stocks propelled Britain’s FTSE 100 higher yesterday as commodities trading giant Glencore made its London Stock Exchange debut.

As the London market closed, Glencore’s shares on the grey market were trading around the widely expected launch price of 530p.

Glencore will be added to the FTSE 100 index as from the start of dealings on 25 May. FTSE will issue a notice after the market close tonight detailing which stock will be removed to make way for Glencore, based on closing prices that day. Likely candidates for demotion include Investec, which was up 5.4 per cent, and Invensys, which fell 3.1 per cent after both reported full-year results.

The FTSE 100 index closed up 32.50 points, or 0.6 per cent, higher at 5,955.99 but off its session high of 6,003.92, and having advanced 1.1 per cent in the previous session, snapping a five-session losing streak.