London stocks track Asian equities higher; BP top drag on weak earnings

The blue-chip FTSE 100 index rose 0.2%, with insurers and banks leading the gains, while the mid-cap index added 0.4%. BP fell 3.4% to the bottom of the FTSE 100 as profit in the last quarter of 2020 sunk to $115 million due to weak energy demand, with fuel consumption continuing to slide so far this year due to tightening travel restrictions.

London shares tracked gains in Asian equities on Tuesday, following optimism about economic stimulus and a global recovery, while oil manufacturing major BP dropped after reporting weak earnings. The blue-chip FTSE 100 index rose 0.2%, with insurers and banks leading the gains, while the mid-cap index added 0.4%.

BP fell 3.4% to the bottom of the FTSE 100 as profit in the last quarter of 2020 sunk to $115 million due to weak energy demand, with fuel consumption continuing to slide so far this year due to tightening travel restrictions. Asian stock markets gained for a second day, ahead of negotiations between U.S. President Joe Biden and Republican senators on a new COVID-19 support bill.

British power producer SSE Plc rose 0.3% after saying it has appointed banks to explore options for the sale of all or some of its stake in Scotia Gas Networks (SGN). Meanwhile, to curb the spread of a new and highly-infectious South African variant of the novel coronavirus, Britain has begun door-to-door testing of 80,000 people.