BP weighs on FTSE after profits miss forecasts

BP was one of the biggest losers in early trading as investors sold shares in the oil major following a disappointing update.

Shares in the group were down 3.1% or 13.95p at 431.05 after it announced profits had fallen below estimates. Underlying replacement cost profit after tax in the three months to the end of March came in at $4.799bn, down from $5.504bn in the first quarter of 2011. That generated earnings per ordinary share of 25.29 cents, versus 29.25 cents the year before. While not unexpected, the numbers were worse than feared, as the oil giant is still struggling to right itself following the disastrous Gulf of Mexico oil spill in 2010. However, the market managed to make some headway despite t...