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Today, RADERS is betting that the much-derided old-fashioned energy stocks are “big.” oil”, may be good as environmental concerns are weakened by economic pressures.

Political upheaval may also cause environmental concerns to take a back seat, at least for a while.

So Harbor Energy came out on top FTSE 100 leaderboard, up 8p at 327p, with BPby 7p at 392p and Shell, by 28p at 2060p, is not far behind.

The price of oil was steady at $104 a barrel, down from $120 a few months ago, but barely crashing. Demand for black gold may persist for some time.

Was of a kind Boris-jump up yesterday as markets seemed to accept the resignation of the Prime Minister.

That didn’t happen again today, but City at least held on to gains after a decent showing on Wall Street yesterday and in Asian markets overnight.

Sophie Lund-Yates of Hargreaves Lansdown said: “It looks like after Boris closed the door on Number Ten after his speech yesterday, the door also slammed shut as the market panicked.”

A key US jobs report due today will weigh on sentiment into the weekend and beyond.

The FTSE 100 was very marginally lower, down 2 points to 7,186.

However, sterling’s woes continue as currency traders take a dim view of UK plc’s near-term future. Sterling fell 0.89 cents to $1.1931.

JD Wetherspoon founder and chairman Tim Martin, who once supported Boris, contacted the company to express concern about the state of the country’s finances. He said: “Boris is the sound of the economy Nick Kyrgios it is to diplomacy. A legacy of astronomical debt needs a tough cookie who can put together a sensible economic plan, with confidence in financial markets, encourage UK entrepreneurship, attract investment from abroad and temper the expectations of budget departments in an incredibly challenging environment.’

Wetherspoon’s shares themselves have rallied miserably. They have halved over the past year and are down another 4p to 607p today.

https://www.standard.co.uk/business/ftse-100-oil-bp-markets-tim-martin-b1011064.html

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