Metals pressured oil: BP plc (NYSE:BP) slides down, as MacMahon climbs upward

BP plc (NYSE:BP) losing footing

In brief: MacMahon annual profit rose due to an increase in metal prices. BP plc (NYSE: BP) shares lost in value in the middle of the auction. BP plc (NYSE:BP) shares falling against the background of a sudden fall in oil prices.

BP plc is close to 38.11 points, gaining -0.29 (-0.76%) in the middle of the today’s trading as oil prices go down. At the same time, the surge in metal prices was a boon for Macmahon Holdings.

Australian mining company Macmahon Holdings has published data on its annual profits growth by 120% due to rising metal prices. According to company reports, Macmahon’s net profit rose to AUD $ 37, 9 million (i.e. AUD $ 34 million within the fiscal year closing June 30), compared to AUD $ 17, 2 million previous year. At this, the company predicted annual profit of AUD $ 36 to 40 million. It’s worth noting that Macmahon will pay the final dividends to the amount of 1.5 AUD cents per share, i.e. the annual dividend payments will amount to 3 AUD cents per paper.

Ukrainian Globalist
2010-08-17 17:38, Economics.

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