BHP Billiton rises as BP plc (NYSE: BP) is sliding ever faster

BP plc catches bearish trend

In brief: BP plc (NYSE: BP) shares remain in the red zone. The bearish trend has been squeezing the oil companies today.

BP plc (NYSE: BP) shares continue to lose value against the background of mixed dynamics. BP shares are edging towards 38.15 points, losing -0.25 (-0.65%) in the second half of the trading session.

BHP Billiton shares rise in value. In the first half of the trading session the U.S. stock market showed positive momentum in spite of unfavorable data on the residential property market. Apparently, the purchasing mood is being set by corporate reports and M & A news, such as BHP Billiton’s proposal to purchase Potash Corp. of Saskatchewan for $ 39 billion. Today’s macroeconomic statistics summed up the housing market data (start-up of residential projects and construction permits for July), focusing on growth of industrial output in the past month by 1%.

Igor Tringlers
2010-08-17 18:08, Economics.

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