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FTSE 100 Live: Heathrow traffic record; Homebuilders call for help

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Welcome to the City PM FTSE 100 liveblog.

Good morning and welcome back to the City PM liveblog.

Yesterday the FTSE 100 retreated on a slew of miserable corporate news.

Leading the blue-chip index’s downturn was BP, which announced it would suspend its share buyback programme and increase cost-cutting goals as it looks to reverse its fortunes in the next financial year.

The company said the decision was taken to allow it to increase investment into its oil production business and “fully allocate excess cash” to its balance sheet.

It’s a far cry from its 1990s “golden era,” when the group was considered one of the largest energy companies in the world, luring investors with several years of strong annual growth.

Adam Vessette, market analyst at Etoro, said: “BP’s results underline a business that is holding up operationally, but still struggling to convince investors it has a clear growth story.”

Meanwhile, shortly behind BP’s six per cent loss was Standard Chartered at five per cent.

The bank’s stock slumped on the news finance boss Diego De Giorgi had stepped down to go lead Apollo’s European, Middle East and Africas region.

“Whilst banks are ultimately run by many more people than the key C-suite members, this departure is a particular blow for Standard Chartered in our view,” analysts at Jefferies said.

Giorgi was also being viewed as a top contender by investors to succeed chief executive Bill Winters – who is the longest-standing banking boss among the big British banks.

Under the pressure of the bad corporate news the FTSE 100 slipped 0.3 per cent with losses also seen across Babcock, St. James’s Place and Antofagasta.

Will the blue-chip index be back on the march today or does more negative news await?

We’ll be bringing you the top stories of the morning as we get them.

Here’s a few of our top stories from yesterday: