Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

UK's FTSE 100 edges up as consumer staples offset commodity slump

Tue, 12th Jul 2022 17:32

July 12 (Reuters) - UK's top share index edged up on Tuesday, as gains in defensive sectors outweighed mining and energy stocks pulled down by strict COVID-19 lockdowns in China and prospects of further central bank tightening.

The blue-chip FTSE 100 ended up 0.2% and the domestically oriented FTSE 250 index rose 0.1%.

Defensive sectors such as consumer staples that tend to be less sensitive to the economic climate boosted the FTSE 100 index. Unilever, Reckitt Benckiser and British American Tobacco rose near 1% each.

Capping gains on the resource-heavy FTSE 100, the industrial metals and mining index and energy index dropped 0.6% and 1.7%, respectively, as commodity prices slid on the back of a strong U.S. dollar, China's lockdowns and higher benchmark interest rates globally.

Travel and leisure stocks gained 1.1%, with British Airways owner IAG and Wizz Air rising 6.5%, and 4.6%, respectively.

"We have seen oil fall bit below $100 a barrel and that obviously is good news for airlines because a lot of their costs are taken up by fuel. That is partly what you're seeing with IAG," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said.

"Nervousness that was taking hold on financial markets this morning in terms of concerns about fresh COVID outbreaks in China and falling global growth has eased off a little but investors are still pretty sensitive."

Meanwhile, Britain's new prime minister will be announced on Sept. 5, with the first votes to begin eliminating candidates in a crowded and increasingly unpredictable and divisive contest to replace Boris Johnson this week.

Real estate firms Hammerson, British Land and Land Securities fell between 1.8% and 4% after Royal Bank of Canada downgraded their shares, saying higher interest rates, deterioration in credit spreads and recessionary trends put the sector in "uncharted territory".

Among mid-caps, shares of Plus500 climbed 1.2% after the online trading platform forecast its annual revenue and profit ahead of market expectations, benefiting from a surge in market volatility.

Related Shares

More News
Today 10:00

LONDON BROKER RATINGS: UBS lifts Schroders; Barclays likes Wise

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

17 May 2024 15:52

London close: Stocks recoup some earlier losses

(Sharecast News) - London stocks remained in negative territory by Friday's close, although they managed to recoup some of the losses seen earlier in ...

17 May 2024 09:11

IN BRIEF: Unilever starts EUR850 million first part of share buyback

Unilever PLC - London-based consumer goods firm with brands including Marmite, Dove and Domestos - Starts buyback programme announced with its 2023 re...

17 May 2024 07:42

LONDON BRIEFING: Land Securities ups dividend; GSK sells Haleon stake

(Alliance News) - Stocks in London are called to open lower, as investors wait for an inflation reading from the eurozone later this morning.

17 May 2024 07:22

Unilever licks off first tranche of share buyback programme

(Sharecast News) - Unilever announced the start of its €1.5bn share buyback programme on Friday, kicking off the first tranche of up to €8...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.