FTSE 100 Soars as BP Shares Reach Two-Month High
FTSE 100 opens higher after record-breaking gains announced by BP. Photo: Vuk Valcic/Alamy Live News.
The FTSE 100 and European stocks were higher on Tuesday after BP (BP.L) announced record-breaking gains.
The FTSE 100 (^FTSE) rose 0.34% to 7,865 points on the open, while the CAC 40 (^FCHI) rose 0.18% to 7,150 points in Paris. In Germany, the DAX (^GDAXI) fell 0.84% to 15,345.
Shares of BP have risen to their highest level in over two months after the company reported doubling earnings and a 10% increase in dividends last year.
BP shares are up 4.09% to 498p, making it the top performer in the FTSE 100 index of blue chip stocks.
Haleon (HLN.L) was the second-biggest gainer Tuesday morning, up 1.65% and GSK (GSK.L) was up 1.64%. Shell (SHEL.L) and HSBC (HSBA.L) round out the top five earners, both up 1.25%
Meanwhile, Brent crude (BZ=F) rose 2% to trade around $82/barrel amid signs China’s economic recovery is boosting crude oil demand.
In Asia, Tokyo’s Nikkei 225 (^N225) closed flat at 27,685, while Hong Kong’s Hang Seng (^HSI) was up 0.43% to 21,313. The Shanghai Composite (000001.SS) was also up slightly, rising 0.29% to 3,248 points.
Across the pond, stocks fell on Monday as investors faced another mess of earnings and assessed the outlook for interest rates following January’s Blowout Jobs report.
The Dow Jones (^DJI) lost 0.10% to close at 33,891 points. The S&P 500 (^GSPC) fell 0.61% to 4,111 points and the tech-heavy NASDAQ (^IXIC) rose 1% to 11,887.
S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all lower as trading began in Europe, while investors waited for a speech by the Federal Reserve Chair Jerome Powell waiting.
Observe: Wall Street’s “new cyclical bull market” has begun
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