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* FTSE 100 up 0.4 pct
* BP bounces after Q1
* Ocado jumps after M&A tie-up report
* Precious metals miners lose shine
By Kit Rees
LONDON, May 2 Britain's top share index rose on
Tuesday, with well-received results from heavyweight BP
helping underpin gains in a positive start to the first trading
day of the month.
The blue chip FTSE 100 index was up 0.4 percent at
7,235.30 points by 0855 GMT, in line with a broadly positive
Oil major BP was among standout performers, its
shares up 1.8 percent after its profit nearly tripled in the
first quarter of 2017.
Higher oil prices and production helped BP report a
first-quarter underlying replacement cost profit, the company's
definition of net income, of $1.51 billion, beating analysts'
average forecast of $1.26 billion.
"The broader theme is that BP is looking in better shape
because of the higher oil price, and while oil prices hold their
ground, BP, alongside with all of the other oil companies are
going to benefit," Jasper Lawler, senior market analyst at
London Capital Group, said.
"Part of the attraction with BP is that they started the
cost cutting before some of the big oil majors because of
Deepwater (Horizon), but now as the oil price does continue to
hold up, maybe you don't necessarily want as much cost cutting
anymore, you want to start expanding," Lawler added, referring
to BP's deadly Gulf of Mexico oil spill in 2010.
Precious metals miners were on the backfoot, however, with
both Fresnillo and Randgold Resources dropping
2.6 percent after the price of gold, considered a 'safe haven'
asset, held near three-week lows as equities rallied and the
Banking stocks Barclays and Standard Chartered
were also weaker, as were miners Glencore and
Outside of the blue chips, online supermarket Ocado
jumped 6.7 percent after a media report said that the company
was exploring a delivery tie-up with Marks & Spencer.
Earnings also drove shares in Aberdeen Asset Management
, which rose 3.4 percent after it reported a 10.6 percent
rise in first-half revenues, boosted by market gains and cost
cuts. It also saw a slowdown in the pace of outflows from its
funds, a boost as the company prepares to merge with blue chip
peer Standard Life, whose shares rose 2.4 percent.
Just Eat fell more than 4 percent, however, after
reporting first quarter results, with UK order growth in
"A tough quarter for (Just Eat), hard comps and some
operational issues evident. Given that, a solid outcome,
investor sentiment may home in on the UK and +16.5% order
growth, consistent with the FY17 guide," David Reynolds, equity
analyst at Jefferies, said in a note.
(Reporting by Kit Rees; Editing by Susan Fenton)