BP Share News (BP.)

- Oil rises on supply concerns.- PBOC to keep buying Eurozone debt. - Samaras to honour terms of new package.Despite an earlier rise, the FTSE 100 index slumped in afternoon trade to finish in the red as strong performance by banks was offset by some heavyweight stocks that went ex-dividend. All eyes were on the Eurozone today with a conference call between Greek leaders and Eurozone finance ministers expected later this evening. Today it was confirmed that Antonis Samaras, the leader of the main Greek opposition party, has confirmed in writing that he will honour the terms of the new austerity package if he comes to power following the election. Meanwhile, there are reports that the 'Troika' could opt to split the rescue package into separate instalments, with the aim of avoiding a Greek default while at the same time holding out for the greater political clarity which might be achieved following the elections.Speaking at an exhibition in Beijing, People's Bank of China Governor Zhou Xiaochuan said he supports the monetary measures taken by European leaders and believes that the current crisis can be solved. He also said that the Chinese central bank would up its holdings of euro-denominated assets. In other news, Iran's state-run Press TV had reported earlier that the country had cut oil shipments to Italy, Spain, France, Greece, Portugal and the Netherlands in response to the oil embargo imposed by the European Union. These rumours were swiftly denied by Italy's foreign minister and an Iranian oil ministry spokesman claimed that any such decision would have to be announced by the country's Supreme National Security Council. Nevertheless, a spokeswoman from the European Commission assured that EU members have enough stockpiles to last 120 days and that Saudi Arabia could increase output if needed, according to Reuters. Adding to the upward pressure on prices was the US Department of Energy which revealed that distillate supplies and crude inventories have both fallen. Brent crude for April delivery was up 1.3% at $118.92 on the InterContinental Futures Europe exchange by 16:10 in London.ECONOMIC NEWSEurostat's flash GDP estimate for the Eurozone saw a 0.3% quarter-on-quarter contraction in the fourth quarter, slightly better than the 0.4% contraction expected by consensus. However, this is the first negative reading since the second quarter of 2009. Meanwhile, the number of people claiming Jobseeker's allowance (JSA) in the UK rose by 6,900 during the month of January, to 1.6m, according to the latest data out from the Office for National Statistics (ONS). The Bank of England said in its latest 'Inflation Report' that the Monetary Policy Committee's "best collective judgement" is that inflation is more likely to be below the target than above it for a good part for the forecast period (three years ahead).BANKS LEAD THE RISE, EX-DIV STOCKS PROVIDE A DRAGBanks were performing well with Barclays, HSBC, Standard Chartered and Royal Bank of Scotland making decent gains. It was reported today that RBS's insurance business has been renamed Direct Line Group ahead of a possible initial public offering (IPO) that could well see the firm make it into the FTSE 100 as a standalone entity. RBS was also given a boost by AlphaValue which upgraded its rating on the lender from reduce to add, while Barclays saw its target price lifted from 275p to 300p by Citigroup. HSBC meanwhile, was in the news after it was reported that it could be expanding its branch footprint further in mainland China, according to the Financial Times. Leading the downside were drugs giants AstraZeneca and GlaxoSmithKline, oil peers BP and Shell and consumer products group Unilever, all of which went ex-dividend today. Shares of ITV were being weighed down by a downgrade from Peel Hunt, while airline IAG and Holiday Inn owner InterContinental Hotels were nudging higher after Credit Suisse raised its target prices for both stocks. ON THE FTSE 250... Industrial materials maker Morgan Crucible jumped over 9% after seeing record revenues and operating profit in 2011, with the group making rapid progress towards the attainment of the goals of its three-year plan announced a year ago. High street sportswear retailer Sports Direct rose 6% after seeing sales growth accelerate in the third quarter and says that it will be reviewing its dividend policy as a result. Panmure Gordon maintained its buy rating on the stock this morning, calling its statement "exceptional". BCFTSE 100 - RisersICAP (IAP) 377.20p +3.03%Tate & Lyle (TATE) 716.50p +3.02%Kingfisher (KGF) 278.90p +2.92%Barclays (BARC) 241.65p +2.87%Ashmore Group (ASHM) 402.70p +2.81%HSBC Holdings (HSBA) 575.90p +2.56%Standard Chartered (STAN) 1,620.50p +2.21%Burberry Group (BRBY) 1,451.00p +1.97%Evraz (EVR) 436.30p +1.80%Sage Group (SGE) 305.10p +1.80%FTSE 100 - FallersAstraZeneca (AZN) 2,898.00p -3.96%Anglo American (AAL) 2,690.00p -2.96%Schroders (Non-Voting) (SDRC) 1,241.00p -1.82%ITV (ITV) 77.30p -1.53%BP (BP.) 487.40p -1.50%Resolution Ltd. (RSL) 265.10p -1.45%Schroders (SDR) 1,546.00p -1.40%GlaxoSmithKline (GSK) 1,421.00p -1.32%Royal Dutch Shell 'A' (RDSA) 2,301.00p -1.31%Royal Dutch Shell 'B' (RDSB) 2,331.50p -1.27%FTSE 250 - RisersMorgan Crucible Co (MGCR) 354.00p +8.26%Sports Direct International (SPD) 278.00p +5.78%CSR (CSR) 240.20p +4.94%Fidelity China Special Situations (FCSS) 86.20p +4.17%Elementis (ELM) 165.40p +3.63%Rotork (ROR) 1,969.00p +3.52%International Personal Finance (IPF) 213.90p +3.38%Micro Focus International (MCRO) 458.40p +2.85%Cable & Wireless Worldwide (CW.) 27.39p +2.78%JPMorgan Indian Inv Trust (JII) 395.80p +2.75%FTSE 250 - FallersAllied Gold Mining (ALD) 121.70p -5.66%Catlin Group Ltd. (CGL) 419.30p -4.79%Spirit Pub Company (SPRT) 55.50p -3.90%Kesa Electricals (KESA) 80.00p -2.44%Homeserve (HSV) 243.80p -2.40%Home Retail Group (HOME) 103.00p -2.28%Cable & Wireless Communications (CWC) 36.67p -2.19%Bumi (BUMI) 751.00p -2.15%Daily Mail and General Trust (DMGT) 422.10p -2.09%Henderson Group (HGG) 123.90p -2.06%