BP under pressure on FTSE

Oil major BP was under pressure on the London market today after its fourth-quarter figures failed to match expectations.

The stock slipped 4%, in contrast to a near-7% rise for fellow corporate heavyweight Vodafone after it cheered investors with news of an expected full year revenue boost from the pound.

The wider FTSE 100 Index slipped into the red by 23.4 points to 4054.4 in mid-morning trade.

Banks continued to weigh heavy on the FTSE, with Barclays extending yesterday’s heavy falls.

A busier day for corporate news saw BP and Vodafone in sharp focus.

BP shares dropped 17.5p to 467.25p after it reported a 24% plunge in fourth quarter profits to $2.6bn (€2.02bn).

Rival Royal Dutch Shell also weakened on the BP figures, down 36p at 1624p.

Barclays was also deep in the red, down another 4% after yesterday’s near-12% fall in the wake of Moody’s long-term ratings downgrade. Barclays slid 3.9p to 91p.

Lloyds Banking Group followed close behind, down 3p at 85.2p.

Vodafone headed the risers’ board, ahead 8.65p to 136.8p, after it said the weak pound was offsetting slower sales, leading to a 14.3% increase in third quarter revenues and a better full-year outlook.

It was joined by Royal Bank of Scotland, which today announced the early departure of outgoing chairman Tom McKillop. Share rose 0.5p to 20.9p.