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Anyone been keeping a beady eye on BP???? Having had near 50% wiped off their market value seems a little excessive to me. Obama really has his "boot on the throat" and I reckon it is totally unjustified! The shares hit £3.40 this morning and even given the expected dividend cap and spill clean up are still worth a punt I reckon. Just my view!
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Page last updated at 09:40 GMT, Thursday, 10 June 2010 10:40 UK BP
Last updated: 10 Jun 2010, 09:19 UK
*Chart shows local time
pricechange%371.80p-19.75-5.04
More data on this share price
BP shares plunged 12% at the start of London trading before recovering, on fears that President Obama will impose huge penalties on the company.
It means the oil giant's share price has almost halved since the Deepwater Horizon oil spill began on 20 April.
BP's share price opened at 345 pence - its lowest level since 1997 - before recovering to 375p in early trading.
The latest drop comes amid fears of damage to the UK's reputation in the US.
The oil company has come under increasingly sharp attack by US politicians, as congressional mid-term elections loom in November.
US interior secretary Ken Salazar said that BP should compensate other oil companies that have had to lay off workers because of a moratorium on deep sea drilling announced by President Obama in response to the Gulf of Mexico spill.
Meanwhile, associate attorney general Thomas Perelli told a congressional hearing that the Justice Department was planning to take action to force BP to withhold its next dividend payment.
The drop in BP's share price is already bad news for UK pension funds, which invest heavily in the firm.
The oil company has said that it pays £1 in every £7 of dividends that pension funds receive from FTSE 100 companies.
Further congressional hearings into the Gulf of Mexico oil leak are planned on Thursday.
cheeRSsigpic -
My view is that it will hang around the £3.60 - £3.75 mark for a while. If the second containment effort (expected this weekend or early next week) succeeds in capturing more oil, then this will obviously produce a mini-surge. Long term they are a buy in my book!Comment
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buy buy buy
bye byeComment
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get it into them i say they make millions and have devasted a beautifull part of the world.
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Too strong a company to stay down. It also makes too much profit, but in the short term the price may be affected.
Long term they are a Buy IMO even if the USA throw them out of the country after this fiasco
Cheers
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this is the only "footsie" i know of
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