FTSE 100 shares round-up: BP shocks, top 10 risers

BP shares today slumped to a two-month low as FTSE 100 investors reacted to the shock ousting of board chair Albert Manifold and Brent crude’s return below $100 a barrel.

The oil giant surged 38% in the first three months of the year to set a multi-year high of 609p but has since retreated to 528.5p, including today’s reverse of 22.7p.

The shares were just over 1% lower prior to the disclosure that the BP board had voted unanimously to remove Manifold, who only started in the role last October.

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Their move followed the raising of serious concerns related to “important governance standards, oversight and conduct”.

Aviva chief executive Amanda Blanc, who is senior independent director after joining the board in 2022, said: “Albert has helped bring a welcome focus and pace to BP’s transformation.

“However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action.”

Ian Tyler, who is the former chief executive of Balfour Beatty, will lead the BP board on an interim basis.

He said the board continued to have “deep conviction” in the company’s strategic direction under the day-to-day leadership of new chief executive Meg O’Neill.

Tyler said: “She has already taken bold action to simplify and strengthen the organisation such as announcing the move to a clearly defined upstream/downstream model. Under her leadership we are building a simpler, stronger, more valuable BP.”

However, the corporate governance developments unnerved the City as shares fell as far as 500p following the surprise announcement at 12.19pm today.

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BP shares were the second most traded in the FTSE 100 behind Lloyds Banking Group, with the volume of 42 million by mid-afternoon more than twice the level seen across Thursday’s session. In contrast to BP, Shell shares were just 3.5p lower at 3,201.5p.

The chair’s departure follows last month’s AGM, when 18.9% of votes were cast against Manifold’s election as director and two special resolutions failed to reach a simple majority.

BP had sought to make changes to its Articles of Association which would have given the board flexibility to hold fully electronic general meetings in addition to physical or hybrid meetings.

It also sought to retire two resolutions passed a number of years ago that required certain additional climate-related disclosures.

Manifold, who ran Dublin-based building materials business CRH for a decade until December 2024, said the move and a proposal to cut the number of board members from 13 to 10 were steps towards the company’s goal of a stronger and more valuable BP.

His exit comes after chief executive Murray Auchincloss stepped down by mutual agreement in December and the abrupt departure of predecessor Bernard Looney in December 2023.

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BP shares were already lower after oil prices declined over the long weekend, driven by reports that the US and Iran were near a deal that could lead to the reopening of the Strait of Hormuz.

Brent crude fell as far as $96 a barrel yesterday before rising to $99 as US and Israeli jets conducted fresh strikes in southern Iran. The attacks on missile launch sites and mine-laying boats were described as “defensive” and not an end to the ceasefire.

Biggest FTSE 100 risers today

Source: ShareScope. Past performance is not a guide to future performance.

European benchmarks traded higher on the back of the developments yesterday before giving up some of those gains today.

The FTSE 100 index and the S&P 500 index caught up with events in today’s first session of the week but the gains on Wall Street were not as high as had been indicated by futures trading prior to the overnight strikes in Iran.

However, a fall in 10-year gilt yields to their lowest level in more than a month meant interest rate-sensitive stocks including British Land Co and Persimmon fared well in today’s blue-chip session.

They were joined on the risers board by miners Rio Tinto  Ordinary Shares, Glencore and Antofagasta, alongside British Airways owner International Consolidated Airlines Group SA and lenders Barclays and NatWest Group.