Market Update: BP bounce breathes life into sluggish markets

Positive broker notes boost Johnson Matthey, Reckitt Benckiser and Wolseley, but WS Atkins fall due to the uncertainty of the impact of UK public spending.

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by Phil Cozens on Jun 17, 2010 at 09:29

Share prices push ahead after an uncertain start, helped by a 32p rebound in the shares of BP, after taking action to restore some long-term confidence in the beleaguered oil giant.

By 9.30am the FTSE 100 index was posting a rise of 28 points to 5,266, with BP 31p higher at 368p and a knock-on effect on Royal Dutch Shell, 25p firmer at £18.54.

The Mid-250 index was 15 points to the good at 9,875.

Positive broker notes continued to underpin Johnson Matthey at £16.05, up 33p, Reckitt Benckiser £33.24p and Wolseley £15.80p, between 19p and 34p better.

Banks held firm under the lead of Lloyds 0.90p better at 56.51p and Inmarsat at 760.5p, recouped 11p of the recent fall that followed a Bank of America rating downgrade.

British Airways ticked up 1.60p to 212.5p, despite the collapse of last-ditch talks with the union to settle the long-running cabin crew dispute.

Mining shares receded under the lead of Fresnillo, 31p lower at £10.24.

Stagecoach improved 5p to 191p after winning the dispute over the timetable for calculation subsidies and buoyant sales figures boosted Mulberry 26p to 225p.

WS Atkins declined 31p to 695p due to the continuing uncertainty of the impact of UK public spending cuts.

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2 comments so far. Why not have your say?

Where is Phil's Broker advice?

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Cape Town

Jun 18, 2010 at 06:11

I am astonished that the president of the united states should publicy rebuke BP in this way. Remember these things

It is BP, not British Petroleum as he calls it – most shareholder capital is in the hands of US citizens I understand and dividends are as important to US pensioners as ours

This kind of rip-off of 20 billion could happen in a third world country, remember the Russia example, but in America? There is justice, a judicial system after all and the law & its procedures to respect

BP has an arangement with the owner of the rig, Halliburton – this is the US company that used to headed by Dick CHENEY, the man who led Bush’s US into the Iraq war to have some building work to do

So a bit of respect please from a democratic country for the due process of law. Or are we in India and Union Carbide or Goldman Sachs and the massive damage they have caused throughout the world. Did any president criticise these outfits? Yet their damage was greater.

The main challenge for BP is to get out of this supine position and establish their respect for the planet and win back their respect and integrity, so important to shareholder value (I bought at 380)

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