HSBC's Profit Surge Boosts UK Stock Market Amid Mixed Sector Performances

The UK's FTSE 100 index rose 0.2% led by financials after HSBC's profit exceeded estimates and announced a $3 billion buyback. Meanwhile, industrial metal miners and oil sectors struggled, with BP reporting a profit decline. Pearson saw a rise due to strong sales performance.


Devdiscourse News Desk | Updated: 29-10-2024 14:26 IST | Created: 29-10-2024 14:26 IST
HSBC's Profit Surge Boosts UK Stock Market Amid Mixed Sector Performances

On Tuesday, the UK's benchmark FTSE 100 index made modest gains, driven largely by financials, notably HSBC, which reported a stronger-than-expected third-quarter profit and a $3 billion buyback plan. As of 0830 GMT, the index climbed 0.2%, while the FTSE 250 midcap index saw a 0.3% decline.

HSBC Holdings surged by 3.4%, following its profit report attributed to rising wealth and wholesale banking revenue, lifting the broader banking sector by 2.2% early in the day. Other banks like Standard Chartered and Prudential experienced increases of 1.7% and 0.6%, respectively.

Conversely, industrial metal miners dropped 0.6% as base metal markets awaited upcoming Chinese stimulus details and U.S. election outcomes. The oil and gas sector fell 0.2% after BP announced a nearly four-year low profit drop of 30% in its third quarter. Pearson shares rose nearly 2% on the back of strong sales growth. Budget insights from Finance Minister Rachel Reeves are anticipated to influence the economic landscape further.

(With inputs from agencies.)

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