US economy

MARKET WRAP: FTSE edges higher in quiet Thanksgiving trade, oil slips



© Reuters.

Key Points

  • Hochschild shares continue to recover
  • Vivo Energy rises on takeover
  • USD slips on Thanksgiving
  • Oil moves lower
  • Cryptocurrencies recover but Bitcoin still below $60K

By Samuel Indyk

Investing.com – The edged higher on Thursday in quiet trade with US markets closed for the Thanksgiving holiday. The hotel names, InterContinental (LON:) and Whitbread (LON:) were two of the best-performing stocks in the index after a positive note from Jefferies on the sector.

In the , Hochschild Mining (LON:) shares continued to recover following the heavy losses on Monday after Peru signalled their intention to close down mines, citing environmental concerns. However, the South American country has appeared to backtrack and said it would consider extending operating licences if legal requirements were met.

“We welcome yesterday’s clarification from the Peruvian government,” Hochschild CEO Ignacio Bustamante said in a statement. “This has been the result of discussions between senior members of the Cabinet and representatives from the mining industry. We are pleased that our Inmaculada and Pallancata mines can continue to operate without further uncertainty and, furthermore, we reaffirm our goal to increasing our resources and extending our mine lives, in accordance with current legislation.”

Vivo Energy (LON:) is set to end its three-year stint as a public company after being agreed to be bought by the oil trading firm Vitol, in a deal valuing the company at £1.8 billion on a fully diluted basis.

“It is probably in everyone’s best interest that its top shareholder, oil trader Vitol, has emerged with a premium-priced bid,” said AJ Bell Investment Director Russ Mould. “While the offer is pitched materially above the current share price, the valuation is substantially below where Vivo was valued when it first listed.”

The USD showed some signs of consolidation in quiet trading conditions due to Thanksgiving. traded back above 1.1200 but was in a narrow 34 pip range throughout the day. was trading in a narrow 30 pip range.

and crude futures drifted lower as traders await a potential move from OPEC following the US decision to release oil from its Strategic Petroleum Reserve. The OPEC+ group is set meet on 2nd December to decide whether to continue on the path of easing previous production cuts.

Major cryptocurrencies were trading higher with trading in close proximity to $59,000.

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