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British shares notches two months high after BP reports full year profits


Devdiscourse News Desk london United Kingdom
Updated: 05-02-2019 15:09 IST
British shares notches two months high after BP reports full year profits

Asian markets extended gains on Tuesday as overnight strength on Wall Street and the Federal Reserve's cautious turn supported appetite for riskier assets. Image Credit: Pixabay

British shares rose to their highest in more than two months on Tuesday after heavyweight BP reported a doubling of full-year profits for 2018 and miners rallied on higher iron ore prices, feeding into solid mood on global markets. London's main index was up 0.9 per cent by 0902 GMT, holding on to a more than 2-month high it hit the last session, and the FTSE 250 bourse was 0.2 per cent higher.

Asian markets extended gains on Tuesday as overnight strength on Wall Street and the Federal Reserve's cautious turn supported appetite for riskier assets. On the main index, oil major BP gained 4.1 per cent - on course for its best day since September 2016 - after full-year numbers topped expectations.

Mining stocks hit their highest since late June last year after Brazil ordered top producer.Vale to shut its tailings dams following the deadly incident last week, raising concerns about falling output. Singapore iron ore futures were up 3.4 per cent overnight. Online retailer Ocado, among last year's best-performing stocks, gave up 3.2 per cent as results showed that investment hit earnings while drugmaker.Indivior sank 25 per cent on news of a loss in its fight against generic competitors in a U.S. court.

Prime Minister Theresa May headed to Northern Ireland on Tuesday, promising to find a solution to the border issue at the centre of her Brexit headaches. German Chancellor Angela Merkel on Monday called for a "creative" compromise to future Irish border arrangements on Monday and she said in Tokyo that there was "still time" for a solution.

Chief EU negotiator Michel Barnier said the EU would not reopen its Brexit Withdrawal Agreement, but that alternatives to the controversial Irish backstop could be worked on after Britain leaves the bloc.

(With inputs from agencies.)

COUNTRY : United Kingdom

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