BP Plc dropped 1.3 percent after a U.S. court ruled that the oil company can’t recover part of the cleanup costs of the 2010 Gulf-of-Mexico spill from Transocean Ltd. InterContinental Hotels Group Plc lost 2.3 percent after UBS AG advised selling the shares.
The FTSE 100 dropped 23.16, or 0.4 percent, to 5,772.04 at 8:53 a.m. in London, paring gains this week to 0.7 percent. The gauge has still risen 3.6 percent this year amid signs that the U.S. economy is recovering and after the European Central Bank moved to ease bank lending. The FTSE All-Share Index lost 0.4 percent today, while Ireland’s ISEQ Index gained 0.2 percent.
The Institute of International Finance, which represents private creditors, said that it made “some progress” at a meeting last night in Athens between managing director Charles Dallara and Greek Prime Minister Lucas Papademos. Work will continue today, said the IIF.
Greece and its creditors have haggled over how to reduce the country’s borrowings three months after private bondholders agreed to a 50 percent cut in the face value of more than 200 billion euros ($262 billion) of debt by voluntarily swapping bonds for new securities.
BP dropped 1.3 percent to 470.75 pence. The U.S district judge in New Orleans ruled the company can’t collect from Transocean part of the $40 billion in cleanup costs and economic losses caused by the 2010 oil-well blowout and Gulf of Mexico spill.
BP must indemnify Transocean for pollution-related economic damage claims under its drilling contract, the judge said. London-based BP sued Transocean in April to recover a share of its damages and costs from the spill.
InterContinental Hotels slid 2.3 percent to 1,326 pence. UBS cut its recommendation on the shares to “sell” from “neutral.”
Creston Plc slumped 16 percent to 56 pence. Profit before tax for the full year will be slightly below last year, Espirito Santo analysts said.
African Barrick Gold Plc advanced 3.6 percent to 507 pence, its highest price in seven weeks, after it reported a fourfold increase in a deposit in Tanzania. For the latest updates on the stock market, visit Stock Market Today
BP Plc stock jan 27 2012, FTSE 100 january 27 2012, InterContinental Hotels stock january 27 2012, best stock to buy january 27 2012, African Barrick Gold shares jan 27 2012, Creston Plc For the latest updates PRESS CTR + D or visit Stock Market news Today
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