By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks rose Monday, though energy
shares on the resource-heavy FTSE 100 benchmark pared gains as oil
prices began losing ground.
The FTSE 100 rose 0.5% to 6,576.74, as consumer goods,
industrial and financial stocks advanced.
Kingfisher shares were among the best performers on the
benchmark, rising 1.7% after the home-improvement retailer agreed
to sell its 70% stake in B&Q China to Wumei Holdings for 140
million pounds ($219 million).
Oil majors Royal Dutch Shell PLC and BP PLC picked up 1% and
0.2%, respectively, though were off higher levels of the session.
Oil stocks have been hit hard in recent weeks, as oil prices
tumbled to five-year lows on oversupply concerns in the
industry.
Oil prices had found some relief earlier in the day, but selling
pressure later picked up pace. West Texas Intermediate (CLG5)
futures swung 2% lower, below $56 a barrel. Brent futures slipped
below $60 a barrel.
After starting at the top of the benchmark, shares of Tullow Oil
PLC finished 4.1% lower.
Also lower, Tesco PLC shares lost 2.4%. The U.K.'s Financial
Reporting Council said Monday it has launched an investigation into
the supermarket chain's accounts for the 2012, 2013 and 2014 fiscal
years, following the recent accounting debacle.
Overall trading volumes will be lighter than usual this week.
The market will be closed on Thursday and Friday for Christmas and
Boxing Day.
The FTSE 100 last week climbed 3.9%, marking its best week in
more than three years, according to FactSet data.
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