Ashby cuts BP for BHP Billiton and Rightmove

LVAM's Graham Ashby has decreased his position in BP, predicting "stodgy" performance following a rally in the share price.

The head of UK equities, and manager of the UK Equity Income fund, has shaved off 1% from BP, bringing it to 4% of the portfolio on concerns its rally is over. He also points out dividends have been re-instated at levels lower than before the oil spill, which caused the company much misery in summer of last year. Ahsby says: "We stuck with the BP position going into the crisis and added to it when it reached depressed levels. The stock has rallied very strongly from the lows of £3 and is now at around £5 but we think performance will be a bit stodgy from here." He has also reduced ...