FTSE is buoyed by BP’s decision

The FTSE 100 tipped into positive territory at the close of play after it was buoyed by a strong showing by BP.

Investors welcomed the oil giant’s decision to cut its dividend as it helped to offset disappointing figures for fellow multinational Diageo and bring the index into the green.

London’s top flight closed 3.15 points higher at 6,036 points at the end of trading yesterday.

The major European markets were mixed following a muddled session dominated by earnings reports showing firms hit by Covid-19 across the world.

The German Dax decreased by 0.36%, while the French Cac moved 0.28% higher.

Across the Atlantic, the Dow Jones edged higher despite tensions between the US and China, while

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investors also awaited the coronavirus relief package.

Sterling dropped lower as its weak start to the week continued, while the EU rejected calls by Tory MPs to reopen the Brexit divorce deal.

The pound fell 0.09% versus the US dollar at 1.306 and was down 0.14% against the euro at 1.11.

Travel and aerospace firms rebounded, with British Airways owner IAG and Rolls-Royce both closing with gains.

The price of oil dipped marginally, with a barrel of Brent crude oil decreasing by 0.16% to 44.47 US dollars.

The biggest risers on the FTSE 100 were Melrose, up 8.28p at 96.5p, BT, up 8.08p at 106.1p, IAG, up 11.55p at 175.4p, and BP, up 18.2p at 299.25p.

The biggest fallers of the day were Diageo, down 160p at 2,721p, Avast, down 25p at 570p, Berkeley, down 147p at 4,413p, and LSE, down 248p at 8,438p.