FTSE Finished The Week Strong, BP Oil Spill Payout Lifts

The big news today (other than the ongoing LinkedIn IPO updates) is that BP received a huge payment as a contribution towards the Gulf of Mexico clean up costs from MOEX. MOEX have paid BP $1.1 billion towards the cost of the accident.

The result was BP shares rose by 3.7% today pushing the FTSE to a weekly high. MOEX are a aprt of Mitsui & Co. who also had a stake in the Macondo well which exploded and sunk last year.

However BP may not be out of the storm yet. Investec’s Stuart Joyner has suggested that BP could still be a target for rich Russian, Chinese or Indian oil companies.

Rolls Royce suffered today on the back of a news report about engine failure on a Qantas Airways flight.

Next suffered today too after profit warnings related to Gap’s profit forecasts.

The FTSE closed today at 5,948.49, down 0.13% on the day but up on the week after opening at 5915.34 on Monday 13th.

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