FTSE 100 gains on strong BP earnings; virus worries weigh

London’s FTSE 100 inched higher on Tuesday as a set of upbeat earnings results supported optimism around a faster economic recovery, although gains were checked by rising Delta variant cases globally.

The blue-chip FTSE 100 edged up 0.1% as oil stocks rose. BP (LON:BP) was the top FTSE 100 gainer on the back of strong earnings.

BP climbed 2.6% after it said it would lift its dividend by 4% and ramp up share buybacks after second-quarter profits rose to $2.8 billion.

The domestically focused mid-cap index eased 0.2%, led by building materials seller Travis Perkins (LON:TPK) and Broker TP ICAP (LON:NXGN) Group, down 2.3% and 4.5% respectively.

Travis Perkins fell despite raising its 2021 earnings outlook and announcing a special dividend of 35 pence per share, while TP ICAP dropped after its half yearly revenue slipped 5%.