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London stocks advance as BP rallies on first-quarter update

London stocks kicked off the month of May in positive territory, helped along by a weaker pound and a solid first-quarter update from BP.

At 0830 BST, the FTSE 100 was up 0.6% to 7.243.89, while the pound was off 0.1% against the dollar and 0.2% versus the euro to 1.2875 and 1.1791, respectively.

On the data front, Markit’s manufacturing PMI is at 0930 BST.

Spreadex analyst Connor Campbell said: “Still to come is Tuesday morning’s main focus – the UK’s latest manufacturing PMI. Analysts are once again expecting the figure to trip backwards, this time from 54.2 to 54.0 month-on-month; that would take the reading to a five month low, and continue the downward spiral that has been in place since 2017 began.

“The pound would likely bear the brunt of this drop, meaning, if those estimates are accurate, the currency’s current losses may only widen as the day goes on.”

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