Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FTSE 100 movers: BP surges on share buybacks; Entain hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.7% at 7,666.34 in afternoon trade on Tuesday. BP surged to the top of the index as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.
Full-year underlying replacement cost profit - the company's preferred earnings measure - halved to $13.8bn from $27.6bn a year earlier. Looking ahead, BP expects first quarter 2024 reported upstream production to be higher compared to the final three months of the 2023.
Russ Mould, investment director at AJ Bell, said: "A big plunge in BP's profit year-on-year is not really big news. Volatile oil prices will inevitably feed through to the company's bottom line. It is also worth remembering that last year's profit represented a record level.
"The fact BP's latest profit beat expectations makes this a solid start for Murray Auchincloss as its new chief executive. A big share buyback is also helping to get investors on side, as the new boss demonstrates his commitment to returning cash to shareholders."
Prudential rose after Barclays lifted its price target on the overweight-rated shares to 1,640p from 1,610p.
Entain lost ground, however, after Barclays downgraded the Ladbrokes owner to 'equalweight' from 'overweight' and cut the price target to 1,070p from 1,120p, as it said "the recovery is not straightforward".
"For the stock to work we think it needs Online to return to market growth rates or better and US share to stabilise (and grow)," Barclays said, adding that "neither are a given".
FTSE 100 - Risers
BP (BP.) 479.25p 5.53% Rolls-Royce Holdings (RR.) 319.80p 3.23% BAE Systems (BA.) 1,216.00p 3.14% Kingfisher (KGF) 216.40p 3.00% Prudential (PRU) 841.60p 2.91% Weir Group (WEIR) 1,809.50p 2.84% Antofagasta (ANTO) 1,760.00p 2.30% HSBC Holdings (HSBA) 631.70p 2.02% Hikma Pharmaceuticals (HIK) 1,916.00p 1.83% Smith (DS) (SMDS) 274.40p 1.37%
FTSE 100 - Fallers
BT Group (BT.A) 106.70p -2.82% Pearson (PSON) 941.80p -2.77% Entain (ENT) 968.40p -2.16% Coca-Cola HBC AG (CDI) (CCH) 2,282.00p -1.85% National Grid (NG.) 1,035.50p -1.10% Anglo American (AAL) 1,796.40p -0.75% Severn Trent (SVT) 2,538.00p -0.63% United Utilities Group (UU.) 1,043.00p -0.62% Lloyds Banking Group (LLOY) 41.68p -0.50% Vodafone Group (VOD) 66.03p -0.45%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
