FTSE 100 movers: BP gets a beating

2nd Feb 2010 13:11

BP shares are main sufferers on fourth quarter results that failed to hit market forecasts, but not all brokers are dismayed.Charles Stanley said the figures confirmed the difficult trading in the global refining industry but the operating performance remains good and cash flow performance encouraging. On an unchanged dividend in 2010, the yield is about 6% and the forward P/E ratio is about 9. Stanley reckons BP deserves a higher rating especially as production growth is likely to resume in 2011.Rio Tinto has been upgraded to 'buy' from 'hold' at Citgroup after upgrades to iron ore prices. It also announced that it has completed the sale of its Alcan packaging business to Australian packaging firm Amcor for $1.95bn.FTSE 100 - RisersEurasian Natural Resources (ENRC) 973.50p +4.23%Amec (AMEC) 778.50p +3.59%Kazakhmys (KAZ) 1,325.00p +3.43%Anglo American (AAL) 2,452.50p +3.09%Lonmin (LMI) 1,940.00p +3.08%Xstrata (XTA) 1,092.50p +3.07%Rio Tinto (RIO) 3,280.50p +3.06%Experian Group (EXPN) 609.50p +3.04%FTSE 100 - FallersBP (BP.) 567.60p -4.54%United Utilities Group (UU.) 540.50p -1.99%Man Group (EMG) 240.40p -1.56%Severn Trent (SVT) 1,152.00p -1.54%BAE Systems (BA.) 346.80p -1.39%Reckitt Benckiser Group (RB.) 3,206.00p -1.38%Rexam (REX) 297.10p -0.90%Centrica (CNA) 272.90p -0.76%