BP shares shot up 5.3% on Tuesday, leading the FTSE 100 0.9% higher to 7,681.01, as the oil major announced further share buybacks after completing its $1.5 billion programme on Friday.
The company now intends to initiate a new $1.75 billion buyback before reporting first quarter results on May 7, aiming to buy back $3.5 billion in the first half of 2024. BP added that it plans at least $14 billion in buybacks through 2025 as part of its commitment to return a minimum 80% of surplus cash to shareholders.
Although 2023 revenue dropped 14% to $213.03 billion, pretax profit jumped 54% to $23.75 billion.
The FTSE 250 ended 0.8% higher at 19,171.34. Engineering company Renishaw surged 16% despite a 27% drop in half-year profit to £56.5 million.
However, shares of Aston Martin Lagonda fell 3.9% amid reports executive chair Lawrence Stroll has sounded out replacements for CEO Amedeo Felisa.
The AIM All-Share index rose 0.5% to 754.17. In AIM-listed small caps, Futura Medical shares jumped 40% as the pharmaceutical company guided £3.1 million revenue for 2023 – its first “meaningful” income from product sales.
FTSE All-Share Gainers
Renishaw 16%, Superdry 10%, Chrysalis Inves 9%, Xaar 7%, Seraphim Sp 6%, Jp Morg.chin 6%, BP 5%, Energean Oil & Gas 5%, Xp Power 5%, Invesco Sel. Uk 5%.
FTSE All-Share Fallers
Ceres Power -11%, Speedy Hire -4.59%, Pharos Energy -4.33%, Regional Reit -4.09%, Capita -3.96%, Aston Martin Lagonda -3.86%, Petra Diamonds -3.57%, City Lon Inv -3.31%, Augmentum Fint. -3.16%, Pearson -2.99%.