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FTSE 100 helped by BP results FTSE 100 helped by BP results
(about 1 hour later)
(Morning): The FTSE 100 rose in morning trade, with commodity-related stocks boosted by better-than-expected results from BP and a continued rebound in oil prices. (Noon): The FTSE 100 rose in morning trade, with commodity-related stocks boosted by better-than-expected results from BP and a continued rebound in oil prices.
BP's underlying fourth quarter profits fell 20% to $2.2bn. However, after taking into account a $3.6bn write-down to assets it posted a loss of $969m.BP's underlying fourth quarter profits fell 20% to $2.2bn. However, after taking into account a $3.6bn write-down to assets it posted a loss of $969m.
Despite this, the figures beat expectations and BP shares rose 2.5%. Despite this, the figures beat expectations and BP shares rose 2.8%.
The FTSE 100 index rose 45.65 points to 6,828.20. The FTSE 100 index rose 80.35 points to 6,862.90.
Commenting on BP's results, Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "BP's unerring ability to generate cash has... enabled the dividend to be maintained, which the company has described as the first priority, and the dividend level of around 5.3% remains a key attraction for income seeking investors, particularly given the current global hunt for yield."Commenting on BP's results, Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "BP's unerring ability to generate cash has... enabled the dividend to be maintained, which the company has described as the first priority, and the dividend level of around 5.3% remains a key attraction for income seeking investors, particularly given the current global hunt for yield."
The oil price continued its recent rebound on Tuesday, with Brent crude heading above $56 a barrel.The oil price continued its recent rebound on Tuesday, with Brent crude heading above $56 a barrel.
Commodity-related stocks dominated the risers board, with mining giant BHP Billiton up 5% and Anglo American 4.8% higher. Commodity-related stocks dominated the risers board, with mining giant BHP Billiton up 4.9% and Anglo American 4.8% higher.
However, shares in BG Group fell 0.7% after the company said the slump in the oil price over the past few months had led it to write off $6bn from the value of its oil and gas business. However, shares in BG Group fell 1.1% after the company said the slump in the oil price over the past few months had led it to write off $6bn from the value of its oil and gas business.
Ocado shares rose 3.5% after the online retailer finally reported its first full-year pre-tax profit. Aberdeen Asset Management was another faller, down 3.6% after it said funds under management fell in the final three months of last year.
On the currency markets, the pound edged up 0.06% against the dollar to $1.5047, and was flat against the euro at €1.3257. Outside the FTSE 100, Ocado shares jumped 6.3% after the online retailer finally reported its first full-year pre-tax profit.
On the currency markets, the pound rose 0.24% against the dollar to $1.5074, and climbed 0.14% against the euro to €1.3277.