FTSE buoyed by ECB largesse but bruised BP takes shine off gains

Thu Sep 4, 2014 12:15pm EDT
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* FTSE 100 index up 0.1 pct

* Briefly hits 14-1/2 year high after ECB unveils new stimulus

* BP falls; U.S. court says firm 'grossly negligent' in 2010 spill

* Standard Life surges on deal to sell Canadian assets

By Tricia Wright

LONDON, Sept 4 (Reuters) - Britain's top shares rose on Thursday after the European Central Bank cut interest rates and announced plans to buy assets in a bid to shore up euro zone inflation, though steep falls in BP capped gains.

BP shares fell 5.9 percent, suffering their biggest one-day percentage drop since June 2010, after a judge in the United States said the oil major had been "grossly negligent" for its role in the 2010 spill in the Gulf of Mexico.

The share price drop wiped some $8.7 billion off the company's market capitalisation. The ruling could add billions of dollars in fines to the more than $42 billion in charges taken so far for the worst offshore disaster in U.S. history.

BP said it would appeal the court decision.   Continued...