FTSE 100 Rises with BP and Miners on the Upswing

FTSE Futures Updates

London’s FTSE 100 experienced an uptick on Tuesday, supported by robust earnings from the blue-chip firm BP and an increase in metal mining stocks as commodity prices advanced.

The FTSE 100 index was up 0.3% at 10,886.98 points by 0905, while the midcap FTSE 250 inched up 0.1% to 24,244.35 points.

  • Shares of BP rose 1% after the oil major reported second-quarter profit that more than doubled to $5.73 billion and beat analysts’ forecasts, thanks to higher energy prices, trading and refining margins.
  • HSBC opened new tab dipped 1.1%, having hit a record high earlier in the session, after the bank raised its net interest income target for this year.
  • Industrial metal miners such as Glencore and Rio Tinto added 4.1% and 2.7%, respectively, as copper prices touched two-month highs, supported by falling inventories.
  • The broader pan-European STOXX 600 index touched record highs, while U.S. futures rose as an upbeat earnings season and renewed buying in major U.S. technology stocks offset uncertainty surrounding the Middle East conflict.
  • The FTSE 100 is experiencing a rebound following three consecutive sessions of declines, while remaining below the record high achieved last week. The FTSE 250 was trading at a level not seen in nearly six years.
  • Oil prices experienced an increase on Tuesday amid ongoing uncertainty regarding a diplomatic resolution to the U.S.-Iran conflict. Esmail Baghaei, the spokesman for Iran’s Foreign Ministry, stated that no negotiations with the U.S. were currently underway.
  • Among other movers, Travis Perkins jumped 18% after the building materials supplier reported higher first-half profit, helped by price increases and cost-cutting measures. It emerged as the leading performer within the FTSE 250 index.
  • Segro opened new tab gained 0.8% after the British warehouse landlord accepted a takeover bid by rival U.S. logistics firm Prologis in a deal worth up to £14.3 billion ($19.19 billion).
  • Smith+Nephew opened new tab dipped 6.9% after the medical products maker lowered its revenue growth forecast, hurt by continued weakness in its U.S. orthopaedics unit.