BP climbed 4.8 percent, the highest close since June 2008. Earnings excluding one-time items and inventory changes fell 47 percent to $4.67 billion from a year earlier. That exceeded the $3.25 billion median estimate of 11 analysts compiled by Bloomberg.
BP’s results “obliterated market forecasts, as evidenced by the spike in the share price,” said Richard Hunter, London- based head of U.K. equities at Hargreaves Lansdown Stockbrokers. “BP’s contribution to what is becoming a strong third-quarter earnings season is likely to meet with broker upgrades.”
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