FTSE 100 Rebounds As BP Increases Share Buybacks

U.K. stocks advanced on Tuesday after BP Plc unveiled more share buybacks and announced plans to boost shareholder returns.

The benchmark FTSE 100 was up 50 points, or 0.7 percent, at 7,663, snapping a four-day losing streak.

Oil giant BP soared 5.8 percent after the oil giant reported its second-highest annual profit in more than decade and announced a $1.75bn share buyback.

Filtronic jumped around 6 percent. The maker of products for the aerospace, defines, telecom, and others projected revenue and profit to be ahead of market expectations for fiscal 2024 and fiscal 2025.

Banking group Virgin Money UK added 1.3 percent after delivering Q1 results in line with the guidance.

Market Analysis