BP beats earnings expectations and brings FTSE up too - London Report

OIL COMPANIES, led by giant BP’s better-than-expected earnings report, bolstered the top index yesterday. The blue-chip FTSE 100 ended up 1.3 per cent at 6,871.80 points, near its highest level since September 2014.

Intertek, whose services include testing products to make sure they comply with safety standards, rose 6.5 per cent – the best-performing FTSE 100 stock in percentage terms – as investors welcomed its acquisition of Adelaide Inspection Services.

Oil major BP gained 2.8 per cent after it beat quarterly profit expectations despite taking a $3.6bn (£2.3bn) impairment charge in the face of low oil prices.

Oil company Afren, which is in the FTSE 250 mid-cap index, advanced 18.4 per cent on prospects of a deal with Nigerian peer Seplat.

Energy stocks further benefited as the oil price rallied yesterday, extending a rebound after falling near six-year lows last month.

However, Aberdeen Asset Management fell 3.4 per cent after reporting a small drop in funds under management.

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