* FTSE 100 up 0.7 percent
* BP adds most points after beating expectations
* Index bounces back after biggest fall for three months
LONDON, Feb 5 (Reuters) - Britain's top share index
rebounded on Tuesday from a steep fall in the previous session,
as investors switched their focus from euro zone worries to a
generally solid set of company updates.
At 1137 GMT, the FTSE 100 was up 0.7 percent at 6,287.69, a
day after suffering its biggest one-day fall in three months as
political uncertainties in Europe and a string of analyst
downgrades sparked profit taking from 4-1/2-year highs.
Oil heavyweight BP added more than 5.5 points to the
index after strong fourth-quarter figures.
"The likes of BP have come in and beaten expectations, and
by a comfortable margin too," Alastair McCaig, market analyst at
IG Index, said.
"...The market has pretty quickly shrugged off the
negativity of yesterday. We've been through a month where equity
markets have once again shown their popularity with investors."
In January the FTSE 100 posted its strongest start to the
year since 1989, rising 6.4 percent.
Other corporate results also helped fuel further gains on
Tuesday, with chip designer ARM up 3.7 percent after
fourth-quarter profits that beat expectations.
But oil and gas firm BG fell 2 percent after it said
it would miss 2015 production targets.
MIXED EARNINGS SEASON
The fourth-quarter earnings season in the UK is a third of
the way through, and has so far been mixed, with 50 percent of
the FTSE 100 companies to report so far beating or meeting
expectations as some have struggled with weak growth.
But firms such as BP beating expectations during a fourth
quarter in which the UK economy shrank demonstrates that many
larger companies are resilient to dips in the domestic economy.
"The UK market has lots of quality large multinationals, and
to some extent it has been insulated from what's been going on
in the UK domestically," said Sandra Crowl, investment committee
member at Paris-based asset management firm Carmignac Gestion.
"We have got investments in the UK in chemical companies, in
energy companies, and these companies in particular have got
quite a deal of their revenues coming from outside of the UK."
(Editing by John Stonestreet)