13/11/14 Market Movements

Market News

The FTSE 100 climbed by 24.41 points to 6,635.45. Carnival was the biggest climber of the day, climbing by 2.76%. While yesterday’s biggest climber, Tullow Oil, was today’s biggest faller, falling by 5.84%.

Tullow Oil announced that they are slashing their exploration budget due to a steep fall in oil prices. The cutbacks will result in Tullow attempting to extend gross reserves around existing discoveries in Uganda and Kenya as it concentrates on trying to develop lower-cost exploration drilling.