BP Share News (BP.)

A sharp drop in the UK inflation rate and well-received updates from a number of Britain's retailers gave London stocks a boost on Tuesday.The FTSE 100 was trading up 0.6% at 6,539 just after midday with retailers and housebuilders offsetting ongoing weakness in the resources sector.Markets were extending gains mid-morning after government data showed that the annual rate of consumer-price inflation in the UK slowed to just 0.5% in December from 1% the month before due to the recent collapse in oil prices.This was the lowest level since May 2000 and well below analysts' forecasts of a slowdown to 0.7%.Economist Azad Zangana from Schroders said while low inflation would normally be seen as a sign of economic weakness, low oil prices are likely to boost consumer spending and raise growth prospects for 2015."As a result, we do not expect the Bank of England to consider easing monetary policy at all in the near future," he said.Morrisons jumps after CEO pushedThe share price of supermarket group Wm Morrison jumped over 5% following the news that chief executive Dalton Philips has been axed after the company delivered the worst Christmas performance of the Big Four.Like-for-like (LFL) sales excluding fuel fell 3.1% in the six weeks to 4 January; although this was not quite as bad as the 3.8% decline analysts had predicted, it was far in excess of the 0.3% decline at Tesco and Sainsbury's 1.7% slide. Tesco and Sainsbury's were also trading with decent gains.Also in the retail sector, ASOS surged after reporting a 15% rise in retail sales over Christmas, driven by a 27% jump in sales in the UK. Broker Shore Capital said the growth in its domestic market will encourage investors following a tough 2014, which saw its share price plummet significantly.A very strong post-Christmas update from sausage-rolls-and-sandwiches retailer Greggs led management to boast that full-year results will beat current expectations, causing the stock to sizzle. Christmas LFL sales were up 8.2%.Bucking the trend was high street department store Debenhams whose shares dropped after revealing that full-year margins will be at the lower end of guidance despite a record sales performance over Christmas.Housebuilders were putting in decent gains as the drop in the inflation rate eased concerns about policy tightening, raising hopes for the housing market. Taylor Wimpey and Barratt Developments were both on the rise.Oil and gas stocks were continuing to feel the heat after Brent crude settled below the $50-a-barrel mark for the first time in nearly six years. Tullow, Afren, Shell and BP were all trading in the red as Brent fell a further 3.7% to $45.70 a barrel on Tuesday morning.Mining stocks were also weaker, including Antofagasta, Glencore and Rio Tinto.Market MoverstechMARK 2,993.30 +0.10%FTSE 100 6,539.38 +0.58%FTSE 250 16,038.61 +0.60%FTSE 100 - RisersMorrison (Wm) Supermarkets (MRW) 186.10p +5.20%Centrica (CNA) 270.70p +3.72%International Consolidated Airlines Group SA (CDI) (IAG) 486.00p +3.56%ITV (ITV) 219.70p +3.39%Sainsbury (J) (SBRY) 247.70p +3.08%Tesco (TSCO) 210.60p +2.96%Marks & Spencer Group (MKS) 460.30p +2.68%Sports Direct International (SPD) 711.00p +2.45%BG Group (BG.) 819.00p +2.38%Barratt Developments (BDEV) 433.20p +2.27%FTSE 100 - FallersTullow Oil (TLW) 371.10p -4.08%Weir Group (WEIR) 1,668.00p -3.19%Glencore (GLEN) 272.15p -2.61%Ashtead Group (AHT) 1,093.00p -2.15%Smith & Nephew (SN.) 1,156.00p -2.03%ARM Holdings (ARM) 980.50p -1.75%Antofagasta (ANTO) 719.00p -1.17%Shire Plc (SHP) 4,658.00p -0.91%Experian (EXPN) 1,081.00p -0.83%Royal Dutch Shell 'B' (RDSB) 2,109.50p -0.80%FTSE 250 - RisersGreggs (GRG) 811.00p +8.21%Drax Group (DRX) 376.10p +5.65%Pace (PIC) 360.30p +5.32%Michael Page International (MPI) 449.10p +5.30%Hikma Pharmaceuticals (HIK) 2,478.00p +4.12%Dechra Pharmaceuticals (DPH) 868.50p +4.01%Ocado Group (OCDO) 414.40p +3.63%Tullett Prebon (TLPR) 298.00p +3.47%Thomas Cook Group (TCG) 131.30p +3.47%Vesuvius (VSVS) 449.30p +3.17%FTSE 250 - FallersDebenhams (DEB) 68.95p -8.13%Kaz Minerals (KAZ) 235.10p -6.93%Afren (AFR) 26.20p -4.06%Cobham (COB) 318.50p -3.78%Betfair Group (BET) 1,491.00p -3.06%Laird (LRD) 307.70p -3.06%Brit (BRIT) 258.00p -3.01%Jimmy Choo (CHOO) 166.00p -2.92%Bank of Georgia Holdings (BGEO) 2,027.00p -2.87%Entertainment One Limited (ETO) 303.20p -2.51%