BP shares jumped 5 per cent early yesterday after activist investor Elliott increased its stake in the embattled oil giant.
Elliott, which wants it to ditch its green agenda and double down on fossil fuels, has just over 5 per cent of voting rights, making it the second-largest shareholder after Blackrock at 9.2 per cent.
Despite the early rise BP closed 0.3 per cent, or 1.2p, down at 357.75p. Elliott is seen as highly effective at pushing for change, with BP already renewing its focus on oil and gas, and chairman Helge Lund heading for the exit.
Elsewhere, THG fell 1.2 per cent, or 0.36p, to 28.68p after it rejected a bid for its Myprotein business worth up to £600million, saying it turned down a ‘largely unfunded’ and ‘conditional’ approach from Selkirk, set up by two of its early backers, including a previous chairman.
Wealth manager Quilter rose 1 per cent, or 1.3p, to 133.2p after it reported a rise in assets under management to £119.6billion in the first quarter of the year.
And estate agent Foxtons climbed 3.5 per cent, or 2p, to 59.3p after a 24 per cent rise in first-quarter revenue.
Stake: US activist investor Elliot wants BP to ditch its green agenda and double down on fossil fuels
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