A 3% shares slide for BP after the oil giant delivered below-par first quarter results failed to restrict the FTSE 100 Index today.
Most European markets were closed for the May Day holiday, but with figures from Lloyds Banking Group and Imperial Tobacco going down well with investors the top flight index rose 12.1 points to 5749.8.
The picture was brighter than on Monday, when confirmation of Spain’s double-dip recession and a downgrade of 11 of the country’s banks by Standard & Poor’s caused the FTSE 100 Index to close nearly 40 points lower.
BP’s shares were lower after it announced profits of 4.8 billion US dollars (£2.95 billion) in the first quarter, compared with the 5 billion US dollars expected by City analysts. The miss, which meant shares declined 11.9p to 433.1p, came after production was hit by the sale of billions of pounds of assets in the wake of the Gulf of Mexico disaster.
Lloyds was 0.6p higher at 31.6p after it revealed pre-tax profits of £288 million for the first quarter and said it had made “substantial progress” against its objectives.
But Imperial topped the risers board with a gain of 49p to 2512.5p, despite a drop in half-year profits.