FTSE rises for seventh day as BP promises to set up compensation fund

Thursday, 17 June 2010 11:10

By myfinances.co.uk staff

The FTSE 100 advanced 53.40 points, or 1 per cent, to 5,291.32 in early trading as stocks rose for a seventh day, with the FTSE 100 Index heading for its longest streak of gains since July 2009, after BP agreed to cancel its dividend and set up a $20 billion fund to compensate victims of the worst spill in US history.

BP climbed 7.2 per cent to 361.25p after agreeing to slash its $10 billion-a-year dividend and create an escrow fund to pay damages from Gulf of Mexico spill following a meeting between chairman Carl-Henric Svanberg and President Obama yesterday.

Meanwhile Game Group sank 5.7 per cent to 83.2p. The retailer said sales at stores open at least a year fell 12% in the 19 weeks ended June 12th.

WS Atkins declined 4.1 per cent to 696.5p after saying full-year revenue fell to £1.39 billion.

Bodycote climbed 4.3 per cent to 204.9p as Arbuthnot Securities upgraded the shares to "buy" from "neutral."

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