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BP shares are the biggest fallers on the FTSE 100 this morning, slipping more than 2 per cent after it revealed profit growth below analyst forecasts for the fourth quarter.

Shares are down 2.1 per cent at publication time to 464p, recovering slightly from an initial 2.6 per cent fall at the start of Tuesday’s trading. This morning, the UK oil major said its replacement cost profit hit $400m, lower than a forecast of $560m in the three months to December.

BP did however raise its projection for capital investment this year to $16bn-$17bn on the back of the steady recovery in global oil prices.

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