Shell has broken into the UK household energy market by snapping up First Utility (more below). In the US stocks got more of shove higher – the Dow was ahead +0.40% at 3.30pm – thanks to the lingering after-glow of Donald Trump’s tax reform bill.
There was a bit of cheer also from the latest US GDP third quarter numbers. Though growth was revised down to +3.2% from +3.3% it is still a robust performance given the battering a hurricane-hit US economy took from July to September.
“Personal consumption expenditures increased less than previously estimated, but the general picture of economic growth remains the same,” the US Bureau of Economic Analysis said in a briefing.
Earlier Ryanair confirmed it will recognise pilot union Impact, thereby swerving a strike threat over Christmas from Irish airports. Ryanair shares were down -0.43% at €15.08 though this is a recovery from Monday’s €14.20 level.
Christmas glad tidings arrived in the nick of time for Toys R Us which has stemmed a collapse following a new rescue plan. The deal is pinned to a company voluntary agreement (one step removed from a plunge into administration). There are no immediate job losses but it’s likely 800 jobs will go sooner rather than later.
The pound was down further today at 1.3349, a -0.27% slip while the euro was lower also against the dollar, down -0.16% at 1.1859.
- UK FTSE 100 7,603.98 +1.05%
- DAX 13,088.01 +0.14%
- CAC 40 5,370.72 +0.34%
- Dow 24,821.54 +0.38%
- S&P 500 2,685.89 +0.25%
- Nasdaq 6,970.65 +0.14%
- Nikkei 225 22,866.10 -0.11%
- Gold 1,267.80 -0.14%
- Oil WTI 57.72 -0.64%
Shell sure of UK energy market profits – despite price caps threat
Shell confirmed earlier it had bought itself a presence in the UK energy market. The oil giant has snapped up First Utility for an undisclosed sum. Clearly Shell wants to widen its ‘downstream’ exposure as opposed to the ‘upstream’ oil extraction business.
“The Shell group’s energy supply, trading and marketing expertise, combined with First Utility’s experience in serving around 825,000 homes in the UK, will enable First Utility to grow and develop more innovative services for customers,” said the oil company in a release.