BP shares hit 400p on 10% Monday jump

BP shares have bounced back to 400p after soaring 10% on weekend reports it could face a takeover bid from ExxonMobil.

The oil giant, which is leading gains on reports the Obama administration told ExxonMobil it would not block a takeover bid for the group, is currently 9.9% higher to 400.90p in afternoon trading. BP, which was languishing at 300p only a few days ago, has climbed to its highest level since June 9. LV= Asset Management head of UK equities Graham Ashby says the stock will remain volatile in the near-term. "It has bounced back from the real lows, but they still have not capped the leak. However, the noises coming out are less negative, particularly on the political side," Ashby says....