LONDON: Shares in energy companies slid on Thursday after they announced falling profits on tumbling oil prices, although European markets were broadly steady.

London’s FTSE 100 index, home to energy majors Royal Dutch Shell and BP, was down 0.43 per cent to 6,796.31 points in afternoon trading.

Frankfurt’s DAX 30 slipped 0.06pc to 10,704.72 points, despite official data showing German unemployment fell in January to the lowest level since the country was reunited in 1990. The CAC 40 in Paris shed 0.21pc compared with Wednesday’s close to 4,601.40 points.

Greek stocks were up 2.4pc, recovering some lost ground after diving on Wednesday, with banks in particular rebounding. The market had plunged on Wednesday by 9.24pc, with banks losing one quarter of their market value.

On Thursday, the euro jumped to $1.1342 from $1.1284 late in New York on Wednesday.

New York oil prices tumbled close to six-year lows on Thursday, as record-high US crude inventories deepened worries over the global supply glut.

West Texas Intermediate (WTI) for March delivery slumped to $44.21 a barrel, one cent above the March 2009 low of $44.20 hit two weeks ago.

The contract later stood at $44.70, up 25 cents from Wednesday’s close.

European benchmark Brent North Sea crude for March rose 61 cents to stand at $49.08 in London afternoon deals.

Published in Dawn, January 30th, 2015

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