AXA IM's Thomas ups Shell holding despite oil price slump

AXA's Nigel Thomas has increased his interest in Shell, despite many oil names being rocked by a 30% fall in spot prices this year.

Thomas (pictured), manager of the £4.3bn AXA Framlington UK Select Opportunities fund, said Ben van Beurden's promotion to Shell chief executive at the start of 2014 has resulted in better money management at the commodity giant, providing growth potential. The manager has consequently topped up his holdings in the company, he said today, despite some UK equity peers saying holders of big oil stocks should be "very nervous" as a result of the tumbling oil price. The price of Brent crude has fallen almost 30% from its June highs to a low of $81.67 a barrel yesterday. Though the exte...