Oil giants and banks are a drag on positive day for shares in London

Oil giants Shell and BP and some of the UK’S biggest banks were the few drags on an otherwise positive day for the top shares in London yesterday.

The FTSE 100 jumped by more than half a per cent as traders prepared for the weekend, gaining nearly 39 points and ending the day at 7,385.52.

“It looks set to be another positive week for markets in Europe – however, most of this week’s price action has been confined to a fairly modest range in what looks increasingly like a period of consolidation,” said CMC Markets analyst Michael Hewson.

“The FTSE 100 had yet another look above the 7,400 level and once again was unable to sustain the momentum.

“Among the gainers today, retail has done well, with Frasers Group higher after being rated as a buy by Numis, while JD Sports has got a lift after US counterpart Foot Locker upgraded its outlook for the year after beating on third-quarter results.”

BP and Shell were both down on the day as the price of Brent crude oil fell 3% to just over $87.

After a rough day on Thursday, the pound gained 0.3% to around 1.19 dollars.

In Europe, the German Dax index rose by 1.2%, while France’s Cac 40 was up 1%. In New York, the S&P 500 was trading up 0.3% around closing time in London, and Dow Jones had gained 0.5%.

In company news, insurance company Legal & General said its pension revenues and profits face a £10 million hit in the wake of post-mini budget instability.

The company saw its shares jump 3.4% after the announcement, where it also reiterated its fullyear guidance.

Nationwide performed even better, up 4.3%, after revealing that its profits jumped to £980m before tax in the six months to the end of September, £130m higher than a year ago.

The business also warned customers are facing “affordability pressures” and set aside more than £100m for credit losses.

The biggest risers on the FTSE 100 were Frasers, up 46p to 823p, and Convatec, up 10p to 231.2.

“It looks set to be another positive week for markets in Europe