Oil major BP (BP.) falls 1.6% to 466p as it announces a year-on-year decline of 21.6% in replacement cost profit for 2013 to £8.2 billion. The metric, which strips out one-off gains and the impact of commodity prices, was hit by weak refining margins, higher exploration write-offs and asset sales. A rare bright spot in the numbers was provided by the reserves replacement ratio (measuring the extent to which the company replaces reserves lost to production) which recovers from last year's 77% to 129%. There is no material update on the group's Gulf of Mexico oil spill related liabilities.
Its peer BG (BG.) gains 2.9% to £10.55 as it reports a $1.08 billion loss in the last three months of 2013 against a profit of $1.76 billion for the same period in 2014. The rise may reflect some relief that performance was in-line with the guidance given in last week's profit warning.
Africa focused oil explorer Tangiers Petroleum (TPET:AIM) dives 18% to 10.25p as its executive chairman Eve Howell and non-executive director Max de Vietri quit the company citing a loss of support from major shareholders. We look at the news in more detail here.
UK chip designs champion ARM (ARM) dips 4% to 896p after taking a £59.5 million one-off charge against its Bridge Crossing consortium stake sale. But underlying fourth quarter results show an impressive resistance to smartphone market pressures, with licence income up 26%.
Insurance outsourcing supplier Quindell (QPP:AIM) leaps 10% to a record 34.25p after unveiling an extra £200 million of new contracts won in January. It is also investing more into the Himex and Ingenie technology businesses in which it owns valuable stakes. Quindell is a long-run favourite of Shares and was a renewed Play of the Week last month at 21.5p.
Despite being valued at close to £3 billion, grocery delivery group Ocado (OCDO) still fails to make a profit. It lost £12.5 million in the year to 1 December 2013 on £792.1 million revenue. That news sends the shares down 3.1% to 507.1p.
Electronic component distributor Electrocomponents (ECM) falls 3.4% to 256.4p as the market voices disappointment at its trading update. Although group sales increased by 2% in the four months to January, from 1% during the six months to September 2013, the UK is still in reverse. There's also no improvement in North America where trading was 'significantly impacted by adverse weather conditions' in December and January.
Guernsey-based UK Commercial Property Trust (UKCM) slips 1.6% to 75.2p on a 30% reduction in its dividend to 3.68p in 2014. The move is designed to improve its dividend cover and help with future financings. Its net asset value improved 5.2% to 73.1p in the fourth quarter to the end of December, while the value of its portfolio increased 4.2% driven by London offices and warehouses in the South East.
Construction materials specialist SIG (SHI) slips 1.22% to 193.7p after selling its German roofing business to a US private equity firm for around £9 million. Having completed a strategic review, the group decided that the roofing business was unlikely to achieve its medium-term return on capital employed target.
Elsewhere in the construction materials space, Alumasc (ALU) falls 4.6% to 136p despite the Kettering-based £51.1 million cap posting its best performance for five years. The group reported an 11% increase in underlying pre-tax profit and flagged improved margins, better than expected cash flow and lower interest charge.
Specialty chemicals outfit Victrex (VCT) jumps 4.9% to £18.50 after a reassuring trading update. It says the second quarter has started well and the company has a 'healthy balance sheet' and good cash generation.
Another disaster for mobile apps platform operator Mobile Streams (MOS:AIM). It sees its finance director walk out less than six months into the job after last week's Peso problems, plunging the stock another 20% lower to 24.5p. Shares discussed the challenges facing the company in a website story last Wednesday.