To buy or not to buy? UK income stars clash on BP

BP's robust results lifted shares in the oil major last week but provoked mixed reactions as managers debate whether now is the time to buy back in

The UK’s top income fund managers are divided over the outlook for BP and whether to increase their stakes in the oil major after its better than expected results last week. BP – a key stock for income fund managers – reported profits of $5.1bn (£3.2bn) in the third quarter of the year, up from $1.8bn a year ago. Replacement cost profit for the first nine months of the year was $15.9bn compared to a loss of $9.5bn for the same period the previous year. BP’s better than expected results lifted shares in the oil major last week, and prompted Cazenove’s Matt Hudson, running the group’...