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Most U.K. Stocks Advance; Lloyds Rallies After Earnings

Most U.K. stocks advanced, with the FTSE 100 (UKX) Index rebounding from two months of losses, as Lloyds Banking Group Plc (LLOY) reported profit that beat estimates.

The benchmark FTSE 100 Index increased 8.96, or 0.2 percent, to 5,746.74 at 8:04 a.m. in London, as four shares rose for every one that declined. The gauge retreated 0.5 percent last month as Britain slipped into a double-dip recession and concerns that the euro-area debt crisis may deepen returned. The FTSE All-Share Index added 0.1 percent today, while Ireland’s ISEQ Index gained 0.4 percent.

Lloyds climbed 2.2 percent to 31.7 pence after Britain’s biggest mortgage lender said first-quarter profit more than doubled as impairments shrank.

Pretax profit, excluding one-time items and asset sales, rose to 628 million pounds ($1 billion) from 284 million pounds in the year-earlier period, the London-based bank said. Analysts had predicted a profit of 422 million pounds, according to the median estimate of seven surveyed by Bloomberg. Total impairments fell by 36 percent, helped by the lender’s Irish and Australian units.

BP Plc (BP/), Europe’s second-largest oil company, dropped 2.1 percent to 435.65 pence as it said first-quarter net income fell to $5.9 billion from $7.3 billion a year earlier.

To contact the reporter on this story: Andrew Rummer in London at arummer@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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