AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,106 Increased By 48.2 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

LONDON: UK’s blue-chip index touched fresh two-year highs on Wednesday, joining a rally in global stock markets as investors cheered strong earnings while setting aside concerns about rising interest rates.

The FTSE 100 index closed up 1% to hit its highest level since January 2020 in a broad-based rally.

“It has been a day of solid gains for equity markets, which continue to put the volatility of January behind them,” said Chris Beauchamp, chief market analyst at online trading platform IG.

“Stocks of all types and sectors have made headway, a fact underlined by the inflows to equity markets in recent weeks, which has shown that investors are still content to buy the dip.”

Value-oriented sectors including miners, energy and banking that were battered during the pandemic have been picked up by investors recently, allowing the FTSE 100 index to outperform the wider European STOXX 600 index so far this year.

The midcap index jumped 1.8%, marking its best single-day performance in more than six months, boosted by travel stocks such as TUI, Wizz Air and easyJet that rose between 3.7% and 9.7%.

Barratt Developments Plc added 1% as it expects to build 250 more homes than its previous annual forecast, which would also cross pre-pandemic levels, easing concerns about demand in Britain’s housing market.

Paper packaging producer Smurfit Kappa gained 1.9% after posting record earnings in 2021 and saying it expected to increase prices further this year.

Vodafone rose 1.7% after a spokesperson from French telecoms group Iliad said on Tuesday it made an offer to buy 100% of Vodafone Italia. The Financial Times reported Iliad has offered more than 11 billion euros for the unit.

GSK dipped 1.4% despite forecasting growth in 2022 and beating quarterly forecasts in its first earnings report since rejecting Unilever’s bid for its consumer arm.

Comments

Comments are closed.