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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: articwarrior who wrote (31165)	10/27/1998 9:24:00 AM
From: Tomas	Respond to of 95453

U.K. Stocks Gain, Led by Oil Companies on Hopes Crude Will Rise London, Oct. 27, 2:07pm GMT (Bloomberg) -- U.K. stocks rose for a second day, led by British Petroleum Co. and Shell Transport & Trading Co. on optimism crude oil prices will rise, boosting their profits. Hopes for higher crude prices grew as the strongest hurricane in a decade nears the Gulf of Mexico, threatening to disrupt oil output there will be disrupted. Also, speculation grew that producers meeting in South Africa this week will move to cut output. Benchmark Brent crude oil trading in London is up 55 cents in the past two days to $13.31 a barrel. ''Oil stocks have been a bit oversold against the background of lower oil prices, and if there's a chance of prices rising, it's more likely to happen now than after Christmas,'' said Tony Hardy, an investment manager at Church Commissioners, the investment arm of the Church of England, which overseas 1.8 billion pounds ($3 billion) in assets. He's ''marginally overweight'' in oil stocks including BP and Shell, and said he's holding on to the shares. ''There is reason to believe the balance of demand and supply will help sway (oil) prices up,'' said David McBain, an equity strategist at BT Alex. Brown. ''Our analysts see 20 percent growth in the sector for 1999 and good dividend growth. We are overweight in oil companies.'' The FT-SE 100 Index rose 87.3 points, or 1.7 percent, to 5318.8, with nearly four shares rising for every one that fell. BP rose 37.5p to 875.5 while Shell gained 12.75p to 350.75. Together they pushed the FT-SE up 19.3 points.