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London stocks track Asia gains on recovery optimism; BP jumps

Published 04/08/2020, 08:22
Updated 04/08/2020, 08:24
© Reuters.
UK100
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 0.1%, FTSE 250 adds 0.4%

Aug 4 (Reuters) - London-listed shares rose for a second
straight session on Tuesday as investors held out for a
post-pandemic recovery on the back of improving economic data,
while BP jumped after its quarterly results.
The oil major BP.L rose 6.3% and was on track for its best
day in two months even as it cut its dividend for the first time
in a decade following a record $6.7 billion loss in the second
quarter. The blue-chip FTSE 100 .FTSE added 0.1%, with traders
buying into energy, financial and consumer discretionary stocks
on hopes of a broader economic rebound after data on Monday from
around the world pointed at a sharp jump in factory activity.
The mid-cap FTSE 250 .FTMC rose 0.4%, led by a 5.6% jump
for easyJet Plc EZJ.L as it said it planned to fly about 40%
of its capacity over the rest of the summer, more than
originally scheduled. But engineer Babcock International BAB.L slumped 10.8%
after posting a plunge in quarterly underlying profit on higher
costs due to the coronavirus downturn.

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