By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Shares of BP PLC helped push the U.K.'s
FTSE 100 higher on Tuesday after the oil giant raised its dividend,
while the broader stock market rebounded from the prior session's
slide.
The benchmark stock index added 0.7% to 6,407.25, setting it on
track to break a two-session losing streak. On Monday, the index
dropped 0.4%, with banks sliding after European stress-test
results.
BP (BP) posted one of the biggest gains on Tuesday, up 1.1%,
after the energy major said it will raise dividends for the third
quarter to 10 cents, a 5.3% increase on the year. The company also
said the Russian sanctions have had no material impact on the
company, although it has felt a squeeze from the falling ruble.
Other oil firms also moved higher, with shares of Royal Dutch
Shell PLC (RDSB) up 0.6% and BG Group PLC edging up 0.1%. Shell
reports earnings on Thursday.
Lloyds Banking Group PLC (LYG) dropped 1.8% after the bank took
another 900 million pound ($1.45 billion) hit to cover compensation
for mis-selling loan insurance, known as payment protection
insurance, or PPI. On a more upbeat note, the lender reported a
rise in third-quarter underlying profit.
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