FTSE edges up after BP boss grilling

Friday, 18 June 2010 11:53

By myfinances.co.uk staff

The FTSE 100 was inching up on Friday morning in early trade as a resurgent BP again led the gains despite its chief executive officer facing seven hours of questioning on Capitol Hill over the Gulf oil spill.

The leading shares index was up 31.62 points, or 0.60 per cent, to 5,285.51 in the first ten minutes of trading.

Oil giant BP was up 3.92 per cent, continuing its recovery after shares dipped up to seven per cent in a single day last week.

Yesterday the oil giant's chief executive officer Tony Hayward faced a frequently uncomfortable appearance before a Congressional committee investigating where the blame lay for the Gulf oil spill disaster.

Mr Hayward faced accusations of "stonewalling" and "insulting" the committee's intelligence, but he succeeded, in the company's eyes, in not admitting culpability.

Markets had already reacted well to BP's announcement to set up a $20 billion escrow fund to compensate victims of the spill.

Elsewhere on the FTSE 100, Standard Chartered (1.99 per cent) and RBS (1.67 per cent) were also on the up.

Heading in the opposite direction was Capita (-1.94 per cent), BT (-1.29 per cent) and Aggreko (-1.02 per cent).

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