UK equities rebound on strong quarterly results

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Source: Dukascopy Bank SA
UK stocks swung to gains on Tuesday, rising after previous sell-off on upbeat quarterly results of the largest companies in FTSE 100 Index. However, gains remained capped by weakness of Asian and US stock markets. Political instability in Spain also continued to pressurize UK blue chips. The FTSE 100 Index climbed 0.66% to trade at 6,287.54. All but one industry advanced. The best performers were technology stocks, with ARM Holdings soaring 4.09%. ARM Holdings reported a 19% increase in Q4 revenue. Financials also joined the rally. Shares of Royal Bank of Scotland Group, Standard Chartered and Lloyds Banking Group jumped 3.04%, 1.88% and 1.52%, respectively. Meanwhile, Hargreaves Lansdown was the top gainer, surging 4.54% ahead of its quarterly report due tomorrow. BP pushed energy stocks higher, advancing 1.54%. BP announced a 72% drop in Q4 profit as the company agreed to pay fines to settle charges over the oil spill in the Gulf of Mexico. Despite a decline in profit, the firm is back on track to resume growth, said Bob Dudley, BP Chief Executive.
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