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FTSE preview: Libya dampens shares, oil soars

By Reuters
Updated: 03:13 EDT, 24 February 2011

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The FTSE 100 is expected to open moderately lower, extending a recent sharp sell-off as worries about Libya continue to assail the markets.

Fear: Oil price soars as concern about Libya's revolt grips markets

The blue chip index closed 73.2 points lower at 5,923.5 yesterday on weakness in energy and mining stocks. Overnight, Wall Street ended off its lows and Asia markets steadied.

Investors fretted that the revolt in Libya could spread to other oil-producing countries, sending the price of crude higher and derailing the global recovery.

London Brent crude rose as high as $113 a barrel for the first time since September 2008 overnight, having gained nearly 10% in the past four sessions.

Copper also bounced off one-month lows, although the dollar stayed on the back foot as some investors worried that the US economy would be vulnerable to high oil prices given its reliance on consumer spending.

'Although Brent continued to move higher overnight (with) no sign of tensions easing in Libya ... apparent calm in Saudi Arabia and the $37bn benefits giveaway by the (Saud) King to head off any unrest, appear to have eased fears of contagion for now,' said Jonathan Sudaria, night dealer at London Capital Group.

Saudi King Abdullah returned home on Wednesday after a three-month medical absence and unveiled benefits for Saudis worth some $37bn in an apparent bid to insulate the world's top oil exporter from an Arab protest wave.

On the economic front, the only data of interest will be February's CBI distributive trades report, due out at 11am.

Stocks to watch today include:

Royal Bank of Scotland: The part-nationalised lender reports full-year results.

AstraZeneca: About 20 bidders are readying offers for all or parts of Astra Tech, the dental and medical devices unit that AstraZeneca hopes could fetch $2bn, people familiar with the matter said.

Rio Tinto: The miner has extended its $3.9bn takeover offer for Africa-focused coal miner Riversdale Mining to March 18, after Riversdale's top shareholder said it had yet to decide whether to hold or sell its stake.

Rio has also lifted force majeure on its Blair Athol and Kestrel coal mines in Australia's northeast Queensland state but kept it in place for two other mines, it said on Thursday.

Eurasian Natural Resources Corp: ENRC is to receive up to £1.3bn in Chinese loans in a deal that underlines Kazakhstan's growing power over the London-listed miner, The Daily Telegraph said.

JJB Sports: Britain's biggest shopping centre owner is refusing to back a last-minute plan to stop JJB Sports from tipping into administration, piling pressure on the retailer ahead of crucial talks with its bank, The Guardian said.

RSA Insurance: The insurer posts full-year results.

Centrica: The gas distributor unveils full-year results.

British American Tobacco: The cigarette maker delivers full-year results.

National Express: The transport operator reports full-year results.

Segro: The real estate group posts first-half results.

Ashmore Group: The fund manager unveils first-half results.

Barratt Developments: The housebuilder posts first-half results.

Capita Group: The outsourcing firm reports full-year results.

Hunting: The engineer posts full-year results.

Filtrona: The plastic and fibre products supplier delivers full-year results.

Kier Group: The construction firm reports first-half results. # Microgen: The business solutions group posts full-year results.

Sinclair Pharma: The speciality drugs group reports first-half results.

STV Group: The Scottish terrestrial broadcaster unveils full-year results.

Centaur Media: The publisher delivers first-half results.

Wilmington Group: The media group reports first-half results.

Primary Health Properties: The healthcare facilities provider unveils full-year results.

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