London stocks track Asia gains on recovery optimism; BP jumps

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.

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 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 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 rose 0.4%, led by a 5.6% jump for easyJet Plc 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 slumped 10.8% after posting a plunge in quarterly underlying profit on higher costs due to the coronavirus downturn.