Also consider the amount of investors who have been sitting on the sidelines for the Brexit result to pass. There has been a big influx of cash into the FTSE and BP is a solid company with good dividend and posted better than expected Q1 results. No reason why the Sp can't move up more from here oil market has balanced out considerably over the last month. BP was knocking £4 before brexit so it's just continued on the upward curve.
Sold 40% of holding at close. The market is still pricing in a dividend cut which is understandable. $50 oil means cash flow covers capex, you need $60 oil to pay a sustainable dividend. BP seemed to draw a line in the sand when they said the upper gearing level was 30%, I think it's circa 25 now. Interesting times.
Partly down to looking for companies with a large element of foreign earnings which, with the pound being low, will boost profits. Plus BP's div is declared in dollars which should see the yield rise. ATB.
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