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FTSE 100 helped by BP results FTSE 100 closes in on record level
(about 5 hours 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. (Close): London's benchmark index edged closer to its 1999 record, buoyed by rising oil prices and hopes that tensions over Greece are receding.
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. The FTSE 100 rose 89.2 points, or 1.32%, to 6,871.8 - a four-month high - having reached 6,883 points during the day.
Despite this, the figures beat expectations and BP shares rose 2.8%. That was close to the 6,930 reached in December 1999 during the dotcom bubble.
The FTSE 100 index rose 80.35 points to 6,862.90. Banks and oil stocks were big gainers, led by Barclays and Royal Dutch Shell both up 5.3%.
Chris Beauchamp, market analyst at IG, said hopes of a resolution over Greece debts talks had helped.
He said: "The bounce in oil, now in its third day and still looking as if it has legs, has certainly helped, but it is Greece that is the source of real optimism, A switch to a more conciliatory tone on the part of the [Greek] finance minister and the prime minister has raised hopes that a deal may be possible."
BP closed 2.78% ahead after the oil giant reported that underlying fourth quarter profits fell 20% to $2.2bn. However, after taking into account a $3.6bn write-down on assets it posted a loss of $969m.
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. Oil boost
Commodity-related stocks dominated the risers board, with mining giant BHP Billiton up 4.9% and Anglo American 4.8% higher. The oil price continued its recent rebound on Tuesday, with Brent crude rising 2.7% to $56.2 a barrel.
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. Commodity-related stocks dominated the risers board, with mining giant BHP Billiton up 5% and Anglo American 4.09% higher.
Aberdeen Asset Management was another faller, down 3.6% after it said funds under management fell in the final three months of last year. However, shares in BG Group fell 1.16% 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.
Outside the FTSE 100, Ocado shares jumped 6.3% after the online retailer finally reported its first full-year pre-tax profit. Aberdeen Asset Management led the FTSE 100 fallers, down 3.43% after it said funds under management fell in the final three months of last year.
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. Outside the FTSE 100, Ocado shares jumped 4.7% after the online retailer finally reported its first full-year pre-tax profit.
On the currency markets, the pound rose 0.7% against the dollar to $1.514, but 0.42% against the euro to €1.3203