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BP shares soar on dividend suspension
BP's share price soared almost ten percent this morning after the group suspended its shareholder dividend and agreed to create a
The group's shares rallied 9.64 percent to 369.50 pence on London's FTSE index of leading companies, which was 0.59 percent higher at 5,268.83 points.
After meeting US President Barack Obama, BP's board agreed yesterday to freeze payments to shareholders and announced plans to set aside a huge claims fund.
Investors welcomed the removal of uncertainty which has dogged BP ever since the Deepwater Horizon oil rig it leased sank on April 22.
