StockMarketWire.com - Blue chip UK stocks tumbled on Tuesday after the pound gained ground following early losses as Labour backed an early general election.

Labour leader Jeremy Corbyn indicated his support for a December election pitched by the government, which led sterling higher in mid-morning trading but weighed on the export-heavy FTSE 100 index, also dragged down after oil giant BP reported disappointing profit numbers.

At 1157, the UK's benchmark index was down 54.89 points, or 0.75%, to 7,276.39.

LARGE AND MID CAP RISERS AND FALLERS

BP fell 3.5% to 494p after it swung to a loss in the third quarter, as lower prices, hurricane impacts and maintenance activities hurt its oil and gas production business.

Online broker Plus500 rallied 5.8% to 834p after its revenue rose 10% in the third quarter, boosted by a jump in customer numbers.

John Laing gained 0.27% to 366p on announcing that it had acquired stakes in separate Colombian and Canadian road and rail projects.

Energy services group Hunting reversed 3.3% to 406p as it warned on full-year profit, amid a slowdown in the US onshore shale market.

Asthma drug company Vectura advanced 2.2% to 85p on the appointment of Will Downie as its new chief executive officer.

SMALL CAP RISERS AND FALLERS

Harry Potter books publisher Bloomsbury fell 4% to 250p after first half results revealed a drop in pre-tax profits. The company cautioned that sales are expected to be 'even more second-half weighted than in previous years.'

Oil and gas minnow I3 Energy rocketed 43% higher to 40p as it struck oil at its 100%-owned Serenity prospect.

Kazakhstan-focused Nostrum Oil & Gas moved 10% higher to 22.55p despite the fact it downgraded its annual production guidance, while reporting a fall in year-to-date revenue.

Israel-focused precious gem producer Shefa Gems fell 19% to 4.05p after announcing that chief executive Avi Taub had passed away following a short illness.


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