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The momentum for London’s FTSE 100 index is continuing in a session that has also featured BP quarterly results. Across the London market, blue-chips remain in demand as the FTSE 100 index today traded above the 8300 mark for the first time.
New CEO at FTSE 100 oil multinational points to $2 billion in ‘cash cost savings’
LONDON (Reuters) -BP's first-quarter earnings plunged by 40% to $2.7 billion, missing forecasts after lower energy prices and a U.S. refinery outage offset increased oil and gas production. The London-based company held its dividend at 7.27 cents per share and maintained the rate of its share buyback programme at $1.75 billion over the next three months, similar to the previous quarter. Profit fell 5% short of analyst forecasts, denting efforts by CEO Murray Auchincloss to steady the company after a bruising period that followed the abrupt resignation of predecessor Bernard Looney in September.