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FTSE 100 up 0.3%, FTSE 250 off 0.3%
Feb 7 (Reuters) - UK's FTSE 100 rose on Tuesday as bumper results from oil giant BP and a rally in energy stocks helped buck the gloom in global markets as investors worried about the prospect for higher interest rates.
The blue-chip FTSE 100 rose 0.3% by 0815 GMT, while the broader European index was flat. Investors digested mixed earnings reports and data that signalled resilience in the U.S. economy, which could offer more room for the Federal Reserve to keep hiking interest rates.
BP rose 3.8% after it reported a record profit of
$28 billion in 2022 and increased its dividend by 10% in a sign
of confidence in the market's continued strength.
The wider oil & gas index jumped 2.1% as
crude prices rallied nearly 2% on optimism about recovering
demand in China and concerns over supply shortages following the
shutdown of a major export terminal after an earthquake in
Turkey. The midcap FTSE 250 index fell 0.3%, with Morgan
Advanced Materials Plc slumping 8.1% after the
industrial firm said a cyber security incident reported in
January could cost the company about 8 million to 12 million
pounds.
(Reporting by Sruthi Shankar in Bengaluru; editing by
Uttaresh.V)
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