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The U.K.’s FTSE 100 index inched higher on Tuesday, as gains for tobacco firms offset losses for oil producers, which were spurred by a surprise cut in Saudi Arabia oil prices.┬áThe London stock benchmark rose 0.1% to 6,494.24, after closing with a 0.9% slide on Monday.

Helping push the FTSE above the flatline on Tuesday, shares of Imperial Tobacco PLC (ITYBY) picked up 1.7% after the company posted a rise in full-year profit.

British American Tobacco PLC (BTI) added 1.1%.

Legal & General Group PLC climbed 2.3% after the insurance firm said annuity sales have risen, despite the U.K. government’s budget earlier this year, which ended the requirement for pensioners to buy annuities when they retire.

Adding pressure in London, however, oil firms moved firmly lower after Saudi Arabia late Monday unexpectedly cut prices for crude sold to the U.S. The price cut also sent oil futures sharply lower, with the December contract (CLZ4) sliding 1.8% to $77.38 a barrel.

BP PLC (BP) dropped 1.4%, Royal Dutch Shell PLC (RDSB) slumped 1.7% and BG Group PLC lost 1.3%.

You’re invited: A free evening event focusing on investing opportunities in Europe

Will you be in London on Dec. 3? Then you’re invited to our MarketWatch Investing Insights event, “The worse Europe gets, the more you should invest”

Governments are in trouble, reform efforts have stalled, unemployment is climbing… the news from the eurozone is bleak. And investors are fleeing. But that’s a mistake: The worse the economic data from Europe get, the more you should be buying. Why? Because actions by the ECB will boost asset prices and the stock market in particular. And, big exporters can grow sales. Lower costs and steady sales translate into higher profits and dividends. Join us for an evening of cocktails and conversation to explore these opportunities.