Monday July 7, 03:35 PM
Sector movers: Bullish oil price outlook boosts BP, Shell
LONDON (ShareCast) - Oil stocks were boosted by a note from Deutsche Bank (Frankfurt: DB9999 - news) upgrading forecasts for oil prices
over 2008 and 2009 to $120 a barrel from $96 and $102.50 respectively. BP (LSE: BP.L - news) got a lift from broker hoisting its target price on the stock to 735p from 720p, while Shell (LSE: RDSB.L - news) 's was raised to 2,750p from 2,700p. Deutsche keeps its 'buy' rating on the oil giants. BG Group (LSE: BG.L - news) and Tullow Oil (Dublin: TQW.IR - news) also advance.Elsewhere in commodities, Rio Tinto (LSE: RIO.L - news) leads mining companies lower after the EC announced late Friday that it would investigate BHP Billiton (LSE: BLT.L - news) 's $163bn offer for Rio, saying such a take-over may be incompatible with the single market. BHP is also among the 10 heaviest fallers. Top performing sectors so far today
Technology Hardware & Equipment 179.20 +2.75%
Oil & Gas Producers 8,286.60 +2.43%
Aerospace and Defence 2,927.60 +1.93%
Construction & Materials 3,962.00 +1.93% Bottom performing sectors so far today
General Retailers 1,081.50 -2.58%
Mining 24,610.70 -1.63%
Food & Drug Retailers 4,036.80 -1.52%
Pharmaceuticals & Biotechnology 7,522.70 -0.64%
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