Tags: US | BP | Shares

BP Shares Surge After Cap Stops Oil Flow

Thursday, 15 Jul 2010 04:03 PM

BP shares rose sharply as the company said it has stopped the flow of oil into the Gulf of Mexico for the first time in three months.

Shares rose $3.25, or 9 percent, to $39.43 Thursday afternoon and have gained about 46 percent since hitting a 14-year low of $27.02 on June 25. They were up about 3 percent as BP began testing a cap atop the gushing oil well. The shares shot higher when BP announced the oil had been stopped when all valves on the cap were shut, as part of the test.

Still, the shares are well below the $60.48 they fetched on April 20 when a BP-operated rig exploded and subsequently sank.

The shares will have closed higher in 12 of the last 14 trading sessions if the gains hold.

Stopping the oil is a long-awaited milestone in one of the nation's worst environmental disasters. The cap is not a permanent fix. BP is drilling two relief wells so it can pump mud and cement into the leaking well in hopes of plugging it for good.

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BP shares rose sharply as the company said it has stopped the flow of oil into the Gulf of Mexico for the first time in three months.Shares rose $3.25, or 9 percent, to $39.43 Thursday afternoon and have gained about 46 percent since hitting a 14-year low of $27.02 on June...
US,BP,Shares
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2010-03-15
Thursday, 15 Jul 2010 04:03 PM
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