UK shares advance; BP leads gains

Source: Dukascopy Bank SA
© Scanpix/AFP
UK stocks moved higher on Tuesday amid positive quarterly reports from the biggest European companies. However, the upside was capped after Spanish PM said the country will apply for a bailout "when it will be in the country's interests". Meanwhile, global stock trading remained subdued as US trading was disrupted by Hurricane Sandy. The FTSE 100 Index gained 0.83% to trade at 5,843.39. All but one sector within the index climbed. The best-performers were oil and gas companies as well as basic materials. BP and Petrofac led gains, advancing by 4.35% and 0.65% despite weak crude oil prices. BP reported a 40% increase in profits in Q3. Anglo American, Antofagasta and BHP Billiton surged 0.73%, 1.52% and 1.04%, respectively. Meanwhile, financials rose 0.16%, with Barclays and Lloyds Banking Group adding 1.84% and 0.88%. At the same time, utilities moved lower. National Grid and Severn Trent  lost 0.89% and 0.12%.


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Tue, 30 Oct 2012 17:47:59 GMT

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