MARKET TALK: BP Shares Up, But Analysts See No Driver

30th Jun 2010 09:15

0815 GMT [Dow Jones] BP (BP) shares rise more than 6% Wednesday morning, though analysts say there are no specific drivers for the performance so far. "It's a pleasant surprise, but perhaps just a short-term move," says one. Cites Tuesday's speculation on a possible M&A as well as less than worst case impact from a pending storm in the Gulf of Mexico as sources of positive sentiment, but relatively old news. Another notes that shares have shed more than half their value since the Deepwater Horizon disaster; says the magnitude of loss doesn't appear entirely rational and the day's jump may not be either. Shares now +5.5% at 319p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 30, 2010 04:15 ET (08:15 GMT)