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BP shares climb 5% on dividend lift

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Mining stocks and oil giant BP provided a lift for London's FTSE this morning as a huge storm hit the eastern United States, keeping Wall Street closed for a second day.

BP shares provided a lift to the FTSE this morning after it raised its quarterly dividend for the second time in less than a year, helping to restore investor confidence.

BP shares were up 5.25% to 447p in mid-morning trading against the wider index which was up 0.78%.

Mining stocks such as Rio Tinto, Kazakhmys, EVRAZ and ENRC were performing well this morning as metals prices advanced.

European stocks rose on Tuesday, led by Swiss bank UBS, is set to slash up to 10,000 jobs worldwide, while Deutsche Bank reported earnings ahead of estimates.

UBS was up 6% to a 15-month high after confirming it would wind down its fixed income business and move to slash operating costs. The stock has jumped 14% so far this week.

Both Germany’s DAX index and France’s CAC were up just over 0.9% in mid-morning trading.

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