By Ben Bland
Last Updated: 1:28am BST 13/10/2007
Troubled oil and gas behemoth BP ended the week well as investors digested chief executive Tony Hayward’s plans to turn round the underperforming business by cutting costs and simplifying the structure.
The shares rose 25½ to 619p, up 8pc on the week, helped by positive broker comments and a ”short squeeze”, with hedge funds who had shorted the stock accepting the future is starting to look brighter for the major.
Analysts believe that Mr Hayward is starting to show that he might have what it takes to transform the business.
Richard Griffiths, of Evolution Securities, said: “History suggests that when BP and Royal Dutch Shell undergo changes to the way they work it can be an inflection point for share price performance. [Mr Hayward’s] announcement could be another inflection point for BP’s shares as it was in 1992-93 and 1997-98 and indeed for Shell in 1998 and 2004.”
For the full report go to…
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/13/cxmktrep113.xml
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