BP's Lower Than Expected Earnings Drag Down FTSE 100

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BP,FTSE 100,Earnings

Britain's FTSE 100 ended October on a gloomy note as commodity-linked stocks, including BP, reported lower than expected quarterly earnings. The FTSE 100 slipped 0.1% and marked its worst monthly performance since May. BP shares dropped 4.6% after missing third-quarter earnings estimates.

Oct 31 - Britain's FTSE 100 ended October on a gloomy note on Tuesday dragged down by commodity-linked stocks with oil giant BP leading declines after it reported lower than expected quarterly earnings.

BP shares dropped 4.6%, to the bottom of the FTSE 100 after the oil company missed third-quarter earnings estimates, hurt by a large drop in energy prices from a year earlier. Capping losses, the aerospace and defence index gained 1.8%, led by a 6.6% rise in Rolls Royce to the top of the FTSE 100 after Barclays raised the stock to overweight from equal weight.

 

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