The FTSE 100 was up 0.6% by 0712 GMT, with shares in British bank HSBC gaining 2.6% to provide the biggest boost to the blue-chip index.

Oil majors BP Plc and Shell Plc rose 1.5% and 0.8% respectively, tracking volatile crude prices. [O/R]

The domestically-focussed mid-cap FTSE 250 index advanced 0.7%, after closing at its lowest level in more than three months on Monday.

Paragon Banking gained 4.7% after upgrading its 2022 forecasts and flagging strong new lending growth.

FirstGroup rose 1.2% after the transport company reported a bigger annual profit and resumed dividend payments, as passenger numbers on its buses improved after the relaxation of COVID-19 curbs.

Crest Nicholson climbed 6.1% after forecasting fiscal year 2022 adjusted profit before tax of between 135 million pounds and 140 million pounds. The housebuilder reported an adjusted profit of 107.2 million pounds in 2021.

(Reporting by Devik Jain in Bengaluru)