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FTSE 100 helped by BP results | FTSE 100 helped by BP results |
(about 1 hour later) | |
(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 2.8%. | |
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 4.9% and Anglo American 4.8% higher. | |
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. | |
Aberdeen Asset Management was another faller, down 3.6% after it said funds under management fell in the final three months of last year. | |
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. |