Invesco's Barnett buys BP but holds off on Tesco

Invesco Perpetual Income manager Mark Barnett has been buying BP on recent price weakness but said it may be "too late" to build a stake in Tesco.

With BP shares having been hit hard by the collapse in the oil price - and its dividend yield rising as a result - the UK equity income manager (pictured) told the Telegraph he has been taking advantage. The price of Brent crude has more than halved over the past seven months to trade below $50 for the first time since the financial crisis. BP shares fell back as much as 25% as a result. Despite a slight bounce in recent days, the stock continues to trade on a dividend yield of 6.2%, according to S&P Capital IQ. Barnett said the opportunity is too good to ignore, particularly as he i...