The FTSE could not undo its early losses today, closing down 29.50 points at 4,404.90 after BP posted poor quarterly results.
The oil giant lost 10.75p to 416p, shedding some £2.3bn in market value. Foreign currency fluctuations and acquisition costs bit into profits. Even OPEC’s announcement this afternoon that it was getting tougher on output quotas failed to rally the share price.
Vodafone shed another 1.75p to 133.75p as investors again punished its developing plans to make a bid for AT&T Wireless in the US.
British Airways jumped 12.5p to 302p after Deutsche Bank upgraded its recommendation to ‘buy’, upping the target price in the process.
BOC gained 25p to 915.5p as investors followed a director’s lead on Friday by increasing their holdings on the back of more evidence of a solid US recovery in UK export figures.
Associated British Foods gained 13p to 579.5p on news of the appointment of its new chief executive Mark Carr, formerly head of its British Sugar unit.
The FTSE 250 index fell 15.3 points to 6,118.2.
Eurotunnel led the losers, shedding 5.25p to 29.5p on further concerns over its debt load.
Bookham Technology lost 17p to 147p as investors recalculated their commitment to the tech stock which tripled since last March.
Misys dropped 9.25p to 228.75p after its US healthcare business reported interim results showing growing turnover and profit.
EMI gained 14.75p to 255p after analysts at Bear Stearns upgraded their recommendation on the stock.
TBI, the operator of secondary airports, rose 2.25p to 62.5p, building on gains following recent reports of rising passenger numbers by European airlines.
EasyJet gained 11.25p to 333.75p.
Overseas, the Dow Jones Industrial Average index is trading up about 18 points at10,596.IFAonline
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