Oil stocks dragged the FTSE 100 Index into the red today despite renewed takeover speculation surrounding Scottish Power.

Scottish Power shares jumped ahead today after takeover developments involving the utility took a new twist over the weekend.

Scottish Power was leading the FTSE 100 Index higher today as investors cheered the prospect of a takeover by a German utility firm.

The owner of the Powergen brand in the UK confirmed today that it was weighing up a takeover bid for Scottish Power.