On Tuesday, British stocks concluded trading with an upward movement, with the increase in bank shares being a significant contributing factor. This positive market response was reportedly influenced by news concerning automotive tariffs.
It was indicated by the White House that a U.S. presidential executive order would be signed by President Donald Trump on Tuesday. The purpose of this order was understood to be the softening of the impact of the aforementioned automotive tariffs, which provided a degree of relief to investors who had been exhibiting caution.
The blue-chip FTSE 100 index reportedly experienced a rise of 0.6%, thereby marking its twelfth consecutive session of gains. Similarly, the domestically focused mid-cap index was said to have advanced by 0.4%, resulting in its fifth straight session of positive movement.
Leading the sectoral advances were the banks, which collectively showed an increase of 1.9%. Among the individual stocks, it was noted that the heavyweight HSBC experienced a rise of 2.6%, positioning it at the top of the FTSE 100 index. This increase followed the report by Europe’s largest lender of a first-quarter profit that exceeded estimations, alongside the announcement of a $3 billion share buyback program.
In other stock-related developments, Howden Joinery reportedly saw a gain of 4.6% after the company disclosed higher revenue figures. Additionally, Entain, the owner of Ladbrokes, experienced a rise of 3.3% following the appointment of Stella David as its permanent Chief Executive Officer.
Among the mid-cap companies, Travis Perkins was identified as the top performer, with an increase of 4.2%. This growth was attributed to the building materials supplier reporting a 3.7% like-for-like revenue growth within its Toolstation division during the first quarter.
Conversely, BP experienced a downturn, falling by 2.4%. This decline came after the oil major reported a more significant than anticipated 48% drop in its net profit. Consequently, the energy index was reported to have decreased by 1.1%.
Furthermore, Associated British Foods, the owner of Primark, reportedly saw a substantial fall of 9.2% after the company announced a 10% decrease in its first-half profit.
In regulatory news, it was announced that Britain is planning to bring crypto exchanges and dealers under compulsory regulation for the first time. This initiative is part of new draft laws revealed by finance minister Rachel Reeves, aimed at regulating the crypto-asset industry.
Regarding economic data, it was shown by industry data that British grocery price inflation had slightly increased to 3.8% in April.
A significant intervention was registered by a powerful Swiss parliamentary body, the lower chamber's influential…
A significant, two-day cessation of work was formally initiated by Tunisian bank employees on a…
The successful mitigation of a major service disruption affecting the technology giant's Azure cloud…
A report was issued on a Tuesday by Amundi, which stands as the largest asset…
A significant step toward expanding its presence in the global financial hub was announced by…
Official data released on a Friday indicated that U.S. consumer prices had risen slightly less…