BP looking to buy major US oil explorer Penn Virginia

BP was ¼p slicker at 442¼p amid speculation it is looking to buy US oil explorer and producer Penn Virginia, while investors checked out Tesco, 2p higher at 217¾p, on hopes for a lsale of its South Korean Homeplus arm.

BP signGETTY

BP are speculated to be involved in a the purchase of a major US company

Catering giant Compass Group was 18p leaner at 1095p, credit checking firm Experian lost 6p to 1204p and water company United Utilities leaked 36½p to 9559 as their shares traded without the right to the latest dividend.

Bullish comments from Citigroup helped Direct Line motor ahead 2p to 341¼p, but fellow car insurer Admiral sank 23p to 1408p.

A positive update on its part-owned Altintepe gold project in Turkey boosted Stratex International 0.33p to 1¾p, while broker Daniel Stewart was 0.85p richer at 2.93p after a £1.2million fundraising.

Defence technology group Cohort advanced 18p to 282½p as annual adjusted pre-tax profit jumped 23 per cent to £10.2million, while Norcros added 2p to 20½p after buying fellow bathroom group Croydex for £21.9million.

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