Positive news on BP leads to surge in investor confidence

Paul Inkster, Head of Product, Barclays Stockbrokers, comments: "Investors found reason for fresh confidence yesterday, as BP reported good progress attaching a cap to the leaking well in the Gulf of Mexico.

"Against the backdrop of continued acquisition rumours and buoyed by the news that the cap might successfully stem the flow of oil, the BP share price climbed by 12 pence yesterday, to close at 410.35.

"The positive news on BP led to a surge in investor confidence - 23% of all trades executed by Barclays Stockbrokers clients yesterday were in BP. 76% of all BP trades were purchases; in fact, buy trades in BP made up 33% of all purchases that took place yesterday.

"BP was not the only company attracting investors' attention yesterday. The Falkland Oil and Gas share price fell for two consecutive trading days following an unsuccessful exploration project and saw strong buy levels as a result.

"A new stock to feature in our top 10 daily trades was Petro Matad, a Mongolian oil explorer. Their share price jumped from 59p to 89p on Tuesday after the company gave a positive update on an exploration well. Again, purchasing in this stock was most popular with 68% of all trades in Petro Matad made up of buys."