Energy issues lead London stocks higher

|By:, SA News Editor

Stocks are higher in London with oil and gas firms pushing forward amid higher crude prices, spurred by Saudi Arabia's willingness to extend crude production cuts.

That's despite a 3.4% dip by supermarket market leader Tesco (OTCPK:TSCDY), trading lower despite beating estimates with its fiscal-year earnings report and solidifying its recovery.

Meanwhile, wage growth (ex-bonuses) in the UK was 2.2% in February, higher than the 2.1% estimate. Including bonuses, wage growth was up 2.3% vs. an estimated 2.2%.

The FTSI is up 0.3% with broad increases showing up across sectors.

With oil prices rising -- WTI crude +0.5% to $53.65, and Brent crude +0.52% to $56.52 -- BP was up 0.7% and Royal Dutch Shell (NYSE:RDS.A) up 0.3% in London.

The pound is up 0.1% against the dollar, while the euro is up 0.1% against sterling.