BP shares continued their recent recovery today amid speculation that Exxon is looking at a £100 billion bid for the beleaguered UK oil company.
Reports at the weekend suggested that Exxon, the world’s biggest company, had sought clearance from the White House for a takeover move which would create a firm with a stock market value of more than £265 billion.
In a lacklustre session for the FTSE 100 Index - down 1.8 points at 5131.1 - BP shares jumped by as much as 5.5% before settling 15.3p higher at 380.2p, a gain of 4%.
The rise came as BP said that its latest efforts to contain the Gulf of Mexico oil spill were on track, although it has cost the firm 3.5 billion (£2.3 billion) to date.
Outside the top flight, shares in construction group Kier were 4% higher, up 37.5p to 980.5p, after it flagged annual profits at the top end of market hopes. The firm said it had secured high volumes of work and added that previously mothballed private commercial projects were being resurrected.
Meanwhile, shares in Domino’s Pizza edged 2.1p higher at 405.1p after it posted a better-than-expected 28% rise in half-year profits to £17.5 million.