BP shares rise with testing of cap back on track; would mark 12th gain in 14 trading days
By APThursday, July 15, 2010
BP shares rise with testing of cap back on track
NEW YORK — BP investors are enjoying another day of gains as the company prepares to test a cap that could finally stop oil from leaking into the Gulf.
Shares rose $1.05, or 2.9 percent, to $37.23 Thursday afternoon and have gained about 38 percent since hitting a 14-year low of $27.02 on June 25. Still, the shares are well below the $60.48 they fetched on April 20 when a BP-operated rig exploded and subsequently sank.
If BP closes higher, it would mark 12 up days over the past 14 sessions.
Argus Research analyst Phil Weiss says moving ahead with the cap test after fixing a leak helps the stock. Also, more reports about asset sales give investors confidence that BP will have money to cover spill costs, he says.
