Oil and gas companies lead a volatile FTSE to further gains

BRITAIN’S leading shares ended higher after a volatile session yesterday, as investors emerged for beaten-down growth stocks to put a floor under the market.

By the close the FTSE 100 was up 0.4 per cent at 5,340.38 points, taking a rally into a third straight day after an intraday trading range of 100 points, or 1.8 per cent.

Oil and gas stocks including BG Group, up 1.8 per cent, BP up 0.5 per cent, and Royal Dutch Shell up 0.6 per cent, were among the stocks adding most points to the index.

“Today feels like real buying across the board, among growth and cyclical plays such as oils and tech. Which is why people trying to whack the market down are struggling to do so,” a portfolio trader at a leading US investment bank said.

Glencore led risers across Europe, up 7.6 per cent, after First Reserve International sold out of $800m in convertible bonds and bought into the firm’s equity. Supermarket Wm Morrison was also a top riser.