BP is driving a midday rally in London shares after the oil giant's attempts to stop the oil leak proved successful, although banking stocks continue to slide.
Shortly after midday, the FTSE was up 55 points, or 1.07%, to 5,267. The beleaguered oil giant led the upward charge after announcing it had choked off the flow of oil in the Gulf of Mexico. It advanced 5% at one stage but, by midday, had pulled back slightly to 3.6%. Miners are also in favour, with Eurasian Natural Resources and Rio Tinto both making steady gains. Luxury fashion retailer Burberry is up almost 3% following its decision to take control of its franchised Chinese stores. But heavyweight banking stocks - which have made steady gains this week - are down following di...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
