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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (32149)	7/4/2000 12:01:18 PM
From: IQBAL LATIF	Read Replies (2) of 50167

FTSE slips towards 6,400, oils extend losses.... LONDON, July 4 (Reuters) - Britain's FTSE 100 (LSE: UKX.L - news) was dragged further into negative territory on Tuesday afternoon by oil and drug stocks in subdued trade due to the Independence Day holiday in the United States. Oil stocks alone dragged the FTSE down 27 points after a Saudi pledge to raise crude output pulled oil prices down. BP Amoco (LSE: BPA.L - news) tumbled 3.1 percent and Shell was down 2.7 percent. SG Securities cut its BP rating to "hold" and Dresdner Kleinwort Benson downgraded European oil stocks to "neutral", cutting Shell to "add" from "buy", and Enterprise Oil (LSE: ETP.L - news) and Lasmo (LSE: LSMR.L - news) to "hold" from "buy". Enterprise fell 4.4 percent and Lasmo was down 4.7 percent.

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