StockMarketWire.com - UK stocks closed lower on Monday as markets across the world fretted over what a soaring oil price could mean for global growth.

Asian and European markets were all down, while US indices opened lower after an attack on a major Saudi Arabian production facility disrupted global supply and sent crude prices soaring.

Disappointing economic data from China also weighed on investor sentiment, but the FTSE's losses were stemmed slightly by its sizeable oil and gas stocks, which benefited from the rising oil price.

But the UK's benchmark FTSE 100 index still closed 46.05 points, or 0.63%, lower at 7,321.41.

LARGE AND MID CAP RISERS AND FALLERS

BP gained 4.2% to 525.5p, while Royal Dutch Shell climbed 2.7% to £23.43.

Tullow Oil jumped 8.9% to 242p on announcing that it had discovered more oil offshore Guyana, this time with its Joe-1 exploration well.

A minority shareholder in the well, Eco Atlantic Oil & Gas, closed broadly flat at 175p despite rallying 10% earlier in the morning.

Direct Line Insurance lost 1% to 299p as it announced the appointment of Tim Harris as its new chief financial officer. Harris was most previously deputy chief executive and finance director of the Royal London Group.

Investment manager Man Group fell 1.8% to 162.4p as it revealed that chairman Ian Livingston would stand down at the end of December. He would be replaced by current independent director John Cryan.

Hospital owner Spire Healthcare fell 2.4% to 122p despite the fact it swung to a first-half profit amid a 3.4% rise in sales.

For the full year, Spire said it still expected continued revenue growth, 'offset by mix and planned investments'.

Bakery group Finsbury Food rallied 7.4% to 70.35p as it posted a large rise in annual profit and hiked its dividend 6.1% amid higher sales. Its underlying earnings, however, fell due to thinning margins.

Gas-mask developer Avon Rubber gained 1.6% to £17.04 after it announced that it still expected its revenue to rise by about 4% on a constant currency basis in the current financial year, with a modest uptick in operating margins.

Avon Rubber also announced that it had delayed the launch of a new self-contained breathing apparatus for fire fighters, owing to the later timing of a new safety-standard approval.

SMALL CAP RISERS AND FALLERS

Midlands-focused commercial property investor Real Estate Investors firmed 5.9% to 54p after its first-half underlying profit rose on the back of higher rental income.

Petra Diamonds fell 5.6% to 7.6p as it booked a deeper full-year loss, having incurred a hefty write down on the value of its gem mines.

Communications and radio frequency technology group MTI Wireless Edge gained 6.1% to 31.3p after it won a contract to supply hi-power microwave terminations to an Israeli customer.

Disease and food allergy test kit supplier Omega Diagnostics rose 3.5% to 11.9p as it announced that the Global Fund would include its HIV testing product in its recommended global procurement list.


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