FTSE in reverse gear as oil giant drops

BP, which is the FTSE 100’s third biggest company, fell 13.5p, or 3.2%, to 413.25p after its performance for last year failed to impress investors. The oil company said better trading late last year had pushed its annual profits up to £6.6bn. However, analysts were still disappointed with the result and an analyst at Sanford C. Bernstein in London said: "there's a bundle of extra things in there we weren't forecasting, which is why the numbers are lower than consensus". UK financial stocks also commenced trading on a sour note as Royal & Sun Alliance lost 1.75p to 95.75p, Friends Provide...