FTSE 100 advances on resurgent oil stocks

LONDON (AFP) - The leading stock exchange continued to make progress on Tuesday, fuelled by resurgent oil stocks -- after BP reported a narrower-than-forecast decline in profits -- which offset losses in the banking sector.

The FTSE 100 index edged up 0.18 percent to 5,200.97.

Beleaguered lender Royal Bank of Scotland was the most traded stock, seeing 309 million units change hands, followed by peer Lloyds, which saw 249 million shares switch owners.

BP was the session's winning blue-chip after it posted third-quarter earnings that beat analyst estimates. Its shares gained 27 pence -- or 4.81 percent -- to finish at 594.4.

Publisher Reed Elsevier followed with shares gaining 15.2 pence -- or 3.32 percent -- to stand at 473.

The biggest casualties of the day were RBS, which shed 3.62 pence -- or 8.14 percent -- to finish at 40.8, and Lloyds, which lost 5.54 pence -- or 6.2 percent -- to end at 83.8.

Sterling rose against the dollar and the euro.

The pound was worth $1.6338 at 16:58, up from $1.6315 at Monday's close, while it climbed to 1.1046 euros up from 1.0973 euros over the same period.

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