BG Group and Glencore keep FTSE 100 afloat

Positive results from BG Group and Shell, alongside the completion of Glencore's long-running takeover of Xstrata, helped counter losses at UK engineers and propped up UK shares today.

BG Group and Shell both beat earnings forecasts this morning, with shares up 2.6% and 1.3% respectively by 1pm. Coupled with gains of 3.5% for Glencore, which said today it had finally acquired Xstrata's shares - with the join entity to start trading tomorrow - the stocks helped prop up the FTSE 100 which was virtually flat at 6,452 points. The winners were countered by losses for a number of UK blue chips, including pharmaceuticals group Shire - down 2.8% after its own Q1 update disappointed. Alongside Shire, industrial engineering stocks were in the doldrums, with both Melrose an...