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BP surge lifts FTSE 100 to 11-month high; Centrica slumps

BP surge lifts FTSE 100 to 11-month high; Centrica slumps
FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls   -   Copyright  PETER NICHOLLS(Reuters)
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(Reuters) – A surge in oil major BP offset steep losses in consumer goods giant Reckitt Benckiser and energy utility Centrica and lifted London’s FTSE 100 to a fresh 11-month high on Tuesday.

The main index <.FTSE> added 0.2%, with BP <BP.L> providing the biggest boost to the index after the company’s second-quarter profit topped estimates. The mid-cap FTSE 250 <.FTMC> also rose 0.2% by 0707 GMT.

British Gas parent Centrica <CNA.L> sank 10.1% to its lowest level in more than two decades as it slashed its dividend and said its chief executive would step down.

Reckitt <RB.L> lost 5.3% after the maker of Durex condom and Lysol disinfectant cut its full-year revenue view and said a slowdown in demand for infant formula in the United States and China had hit second-quarter sales.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Saumyadeb Chakrabarty)

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