Latest UK stock market update: BP, Britwik, UK blue chip and more

Written on:September 5, 2012
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FTSE 100 opened 0.1% down this morning

Britain’s FTSE 100 index opened 0.1% down today, indicating a slow recovery after going through big slumps in the last session on Tuesday when the UK blue chip index closed at 5,672.01, down 86.40 points, or 1.5%.

Tuesday witnessed the UK blue chip index close below the 5,700-mark for the first time since August 2, 2012, displaying investors’ dilemma over the outcome of the European Central Bank (ECB) meeting to be held on Thursday regarding bond-buying scheme. So today’s market seemed cautious as investors await the ECB decision.

Following news of AG Barr abd Britwik’s talks regarding merger, Britvic’s stocks rose 12% or 38.65p to 367.25p to value at £890 million, while AG Barr’s value stood at £510 million after rising 6% or 23.7p to 439.3p.

BP’s shares took a beating as the US Justice Department accused the company of ‘gross negligence and willfull misconduct’ with regards to the Gulf of Mexico fiasco in 2010 accident where 11 people died. The verdict sent BP’s shares plummeting 3.5% or 15.7p to 420.8p. BP’s fall affected FTSE 100, which was down 8 points at 5,664.

Sports Direct International’s summer sales jumped 25.3% and profits increased 20.4% to £211.1 million in the 13 weeks to July 29, resulting in 4% rise in shares, up 13.6p to 327.6p.

Hargreaves Lansdown shares were 1.5p higher at 632p after the investment services provider reported a 21% increase in pre-tax profits to a record high of £152.8 million in the year to June 30.

Other stocks to watch out for include Barclays, Berkeley Group, Theo Fennell, Advanced Medical Solutions, EKF Diagnostics and Shanta Gold. These companies are expected to report encouraging results which puts them in the watch-out zone.


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