London’s FTSE 100 rose on Tuesday after a three-day selloff as commodity and homebuilder stocks rose, while shares in HSBC Holdings and Associated British Foods slid after their earnings updates.
The blue-chip index rose 0.7%, after closing at its lowest level since March 18 on Monday. Oil majors BP and Shell rose 1.7% and 1.5%, respectively, tracking a rebound in crude prices. Among miners, Glencore led gains with a 1.4% rise after Barclays raised the stock’s price target.
The domestically focused midcap FTSE 250 index advanced 0.6%. HSBC Holdings fell 2.1% after Europe’s biggest bank warned that more share buybacks were unlikely this year as rising inflation and economic weakness had dented its prospects.
Shares in its Asia-focused peer Standard Chartered were flat, while lender Barclays gained 1% ahead of their results this week.
Associated British Foods slid 6.2% after it reported first-half profit nearly doubled, while flagging its Primark clothing business would have to raise prices because of severe inflationary pressure.
Commodity stocks drag FTSE 100 lower as slowdown concerns bite
Taylor Wimpey jumped 3.3% after the country’s third-largest homebuilder forecast sustained demand in an under-supplied market.
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