21/10/14 Market Movements

Market News

The FTSE100 closed up 105.26 points at 6,372.33 as gains in major oil companies and drugmaker Shire helped the index rebound after falling to 15 month lows last week.

Advances of around 2% in both BP and Royal Dutch Shell added the most points to the blue-chip FTSE 100 index, as the energy sector was buoyed by stronger oil prices.

Shire rose 2.3% after Reuters reported that Allergan shareholder Paulson & Co was urging the firm to merge with Shire as an alternative to a deal with hostile bidder Valeant Pharmaceuticals.