Britain's FTSE 100 extended its winning streak, closing Wednesday trading 0.13% higher, as investors assessed the latest corporate and regulatory updates.
BP (BP.L) fell 2.72% a day after announcing the removal of Chairman Albert Manifold, citing concerns related to "important governance standards, oversight and conduct." The energy giant did not provide further details, but BBC News reported about complaints, including Manifold's "overbearing" behavior and "bullying."
Manifold said he was dismissed "without warning and without explanation" in an emailed statement to Bloomberg News. "I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged."
On the earnings front, Greencore Group (GNC.L) posted a loss of 30.8 million pounds sterling for the six months ended March 27, compared with a profit of 19.8 million pounds a year earlier, sending its shares down 9.02%. The convenience foods producer's revenue, meanwhile, rose to 1.32 billion pounds from 922 million pounds earlier.
In regulatory news, Britain's Office of Gas and Electricity Markets, or Ofgem, will raise by 13% the energy price cap for the July 1 to Sept. 30 period. This means that the average gas and electricity bill will increase to 1,862 pounds a year from 1,641 pounds.
"Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy," Ofgem Chief Executive Officer Tim Jarvis said.
Speaking of the Middle East conflict, Iran's state TV said Tehran received a draft outline for a possible agreement with the US. Under the reported terms, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while US forces would pull back forces from the area and lift a naval blockade.