BP fears drag FTSE down 0.7%

The FTSE 100 lost 40 point in early trading on Thursday as BP shares continued to drop.

London's leading index was down 0.78%, or 39.46 points, to 5,046.40. BP lost more than 26p, or 6.8%, to fall to 364.7p. Shares in the oil giant, traded in both New York and London, had fallen more than 4% on the FTSE on Wednesday when its depositary stock, trading on the NYSE, plunged 15% to $29.20, its lowest level since 1996. Elsewhere, Home Retail Group dropped 5.25% to 225.5p after reporting a decline in like-for-like sales in the 13 weeks to 29 May. Its results impacted other retailers: Marks & Spencer fell 1.64% to 329.7p, while Next was down 1.63% to £20.52. On Wall Stre...