Oil pushes up FTSE

Heavyweight oil stocks helped the FTSE 100 Index continue its upward march today as the cost of crude hit fresh record levels.

Royal Dutch Shell and BP both saw their market value rise by around 2% after the cost of a barrel of crude oil moved above $64 in New York.

The Footsie lifted 5.2 points 5349.9 by mid-morning, standing 300 points higher than its position at the end of June.

Shell and BP – which make up around 20% of the top flight index – increased 43p and 12p to 1911p and 661.5p respectively.

But they were beaten to the top of the blue-chip risers board by gas group BG, which added nearly 4% or 19.25p to 518.75p.

Banking group Standard Chartered was the next highest climber, up 32p to 1243p, as investors continued to cheer yesterday’s upbeat half-year results.

Mining stocks contributed to the positive mood after Australia said it had agreed a deal that paved the way for uranium exports to China.

The move was seen as a positive development for Xstrata, which rose 27p to 1278p, BHP Billiton, up 17.5p to 857.5p, and Rio Tinto, adding 43p at 2063p.

Elsewhere, two blue-chip stocks failed to inspire the market with strong-looking half-year results.

Brewer Scottish & Newcastle fell 7.75p to 460p, even though it bucked the downward trend in the UK market and said pre-tax profits were in line with expectations at £163 million, up 8.7% on a year ago.

Mortgage bank Bradford & Bingley also fell, despite an 8% rise in underlying profits and comments that it believed the low point for the housing market may have passed. Shares were off 10p at 327.75p, making it the second heaviest FTSE 250 faller.

Among others reporting today, printing group St Ives cheered 2p to 378p after saying recent trading across the group had been in line with hopes.