LONDON -- Five days of falls for the FTSE 100 (FTSEINDICES:^FTSE) look to have been halted this morning, as the index of top U.K. shares has regained 0.3% to reach 6,408 points by 7:45 a.m. EDT. The fallout of the Cyprus bailout farce appears to have faded a little today, but falling bank shares aren't helping.
But other FTSE constituents are rising today. Here are three shares on the way up.
BP (LSE:BP) (NYSE:BP)
BP shares have perked up 2.6% to 461 pence after the oil and gas giant announced an $8 billion share buyback plan. The cash comes from BP's sale of its 50% stake in TNK-BP to Rosneft, the Russian state oil company, for $12.5 billion. The figure of $8 billion represents the value of BP's original investment in cash, shares, and assets that it made in the 2003 formation of TNK-BP.
Chief executive Bob Dudley said: "BP is moving on to the next phase of its business in Russia, becoming the largest private shareholder in Rosneft, Russia's leading oil company. In the process we have also released cash, equivalent to at least six years of BP's anticipated future dividends from TNK-BP."
888 Holdings (LSE:888)
Shares in 888 Holdings have gained a modest 0.1% to 163 pence this morning after the online gaming operator was granted a license in the U.S. state of Nevada. The Nevada Gaming Commission has given the nod to 888 to operate as a gaming service provider.
Chief executive Brian Mattingley said: "Seen in the industry as the gold standard of global gaming regulation, we are delighted to have been awarded our license to operate in the State of Nevada, a decision that vindicates our U.S. strategy."
Shares in supermarket J Sainsbury are recovering today after an erratic few days. Tuesday's upbeat fourth-quarter sent the price up 6 pence on the day, and it rose a further 3 pence on Wednesday for a 2.5% rise overall. But yesterday the price gave up its gains, slumping back again.
Today the price is back up, climbing 2.2% to 376 pence so far. Forecasts for the full year put the shares on a P/E of 12.4, with a dividend yield of 4.6% expected -- and that doesn't look overpriced to me.
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