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Market Update

European Stocks Edge Up; BP Higher

May 20, 2011

Shares in Europe rose Friday rose for the third straight day, helped by rising commodity prices.

At 1:30 p.m. (I.S.T.), Britain's FTSE, France's CAC and Germany's DAX rose 0.3% to 0.7%.

Oil explorer BP climbed 3.2% in early trade on news a stakeholder in the oil well that collapsed last year in the Gulf of Mexico would pay about $1.1 billion towards claims.

Miners BHP Billiton, Rio Tinto, Xstrata and Anglo American added 0.5% to 1.5%, tracking higher metal prices in Asian trading. Financials also broadly rose: Barclays, BNP Paribas, Credit Agricole and Deutsche Bank advanced 0.8% to 1.5%.

In news-driven movers, Mitchell & Butlers dropped 5.8% following its half-yearly earnings while Kea Petroleum rose 3.9% after signing an agreement to drill a well in Australia.

Globally, Asian shares were mostly lower but Wall Street firmed up overnight.

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