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Prudential & Aberdeen stand firm on weak FTSE

by Chris Marshall on Feb 04, 2014 at 16:48

Of London shares, BP slipped 1.2% to 467p after the oil giant reported adjusted replacement cost net income of $2.8 billion for the last quarter of 2013, down from $3.9 billion in the previous three months.

‘Our initial reaction is that the results were in line and solid,’ said Liberum analysts led by Andrew Whittock. ‘The Downstream performance was poor and the outlook will depend on the margins’

However, keeping his ‘hold’ rating, he added: ‘Capex at the bottom end of the range should be welcomed and BP remains committed to trying to grow sustainable FCF’.

Sainsbury was the biggest riser, up 2.3% to 354p, after analysts at Bernstein raised their opinion on the shares to ‘outperform’.

There are no major economic data reports due today. But this week investors have plenty to keep them occupied. Eurozone and UK central bank policy decisions are due on Thursday.  The most closely watched economic data will most likely come in the US labour report on Friday, a key barometer for future Fed policy

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