BP shares soar as oil leak stopped

BP's US-listed shares of soared 7.6% yesterday after the giant announced it had temporarily stopped the oil leak into the Gulf of Mexico for the first time since late April.

Kent Wells, BP's senior vice president of exploration and production, revealed a new cap had completely closed the flow of oil while the company conducts a critical pressure test on the stricken well. BP's London shares are set to climb sharply upon opening this morning, extending the oil giant's recent gains. The company's share price had dipped under 300p recently, but closed London on Thursday at 401.75p. The oil giant's shares ended at $38.92, up $2.74, on the New York Stock Exchange yesterday. After the close of regular trading, the company's stock rose further.