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BP shares rise as tighter oil cap is installed
Investors also heartened by Apache’s reported interest in buying BP’s Alaskan assets
Shares in BP rose 9.4 per cent on Monday on news that the oil giant is confident that the new tighter sealing cap just fitted to its leaking Macondo well might finally stop the Gulf of Mexico oil leak. "Our confidence is growing," Doug Suttles, BP's chief operating officer, told a press conference yesterday.
Talk of potential asset sales also helped the share price, which closed at 398.02p, 34.47 per cent above the 52-week low of 296.00 set on June 25.
Investors appear to have taken heart from reports that the Apache Corporation is interested in buying BP's $10bn Alaskan oilfield assets. BP needs to sell assets to meet the cost of its Gulf of Mexico containment and clean-up efforts, already standing at $3.5bn.
Read a full report at the Financial Times ·
