By Robert Orr and Neil Hume
Published: October 13 2007 03:00 | Last updated: October 13 2007 03:00
BP rose 4.3 per cent to 619p with dealers reporting short sellers closing positions. Some analysts have taken the view that plans by Tony Hayward, chief executive, to reorganise the oil giant and cut jobs could be a starting point for a rally in the shares. Evolution Securities was among the bulls, raising the stock from “add” to “buy”.
“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. [This] announcement could be another inflection point for BP’s shares as it was in 1992-93 and 1997-98,” wrote Richard Griffith, analyst.
Still with oil, BG Group rose 1.5 per cent to 896p amid rumours that Royal Dutch Shell and Gazprom of Russia could go head to head in a battle to buy BG
Copyright The Financial Times Limited 2007
The above is an extract from the FT article “Barratt at two-year low after savage earnings downgrade”
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