Reuters: Hot Stocks: Solid earnings, rate cut prospects lift UK's FTSE

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Solid earnings, rate cut prospects lift UK's FTSE Apr 30th 2013, 07:08 LONDON, April 30 | Tue Apr 30, 2013 3:08am EDT LONDON, April 30 (Reuters) - Britain's benchmark share index rose on Tuesday, boosted by solid corporate earnings and expectations of an European Central Bank (ECB) rate cut this week, which pushed the index back towards its 2013 highs. The blue-chip FTSE 100 index was up by 0.3 percent, or 19.10 points higher, at 6,477.12 points, moving back in the direction of its 2013 intraday peak of 6,533.99 points reached in mid-March. "We're looking forward to a possible ECB rate cut later this week. That stimulus has kept everyone upbeat," said Darren Easton, director of trading at Logic Investments. "We wouldn't want to bet against this market going higher in the near-term," he added. Robust results from leading UK companies also boosted sentiment, with oil major BP rising 3.2 percent after posting first-quarter profits that beat forecasts. According to Thomson Reuters Starmine data, 80 percent of companies who have reported results in the broader FTSE 350 index, which comprises the FTSE 100 and the FTSE 250 mid-cap sector, have beaten or met expectations with their first-quarter earnings. (Reporting by Sudip Kar-Gupta; Editing by Toni Vorobyova)

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