UK stocks climb as markets applaud upbeat earnings, Fed comments

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The offices of the London Stock Exchange Group are seen in the City of London, Britain December 29, 2017. REUTERS/Toby Melville

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  • FTSE 100 up 0.2%, FTSE 250 up 0.7%

July 28 (Reuters) – Britain’s main stock indices rose on Thursday, catching up with an overnight rally on Wall Street, as strong results from blue chip companies Shell and Diageo added to optimism.

The main FTSE 100 index (.FTSE) gained 0.2% to hit seven-week highs, while the national mid-cap index (.FTMC) gained 0.7%.

Asian and European stock markets echoed bullish sentiment on Wall Street on Wednesday after the U.S. Federal Reserve raised interest rates as expected but eased some concerns about the pace of further rate hikes.

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Shares of Shell (SHEL.L) gained 0.9% as the oil major reported record quarterly profit of $11.5 billion, driven by a tripling of refining profits and strong gas trading. Read more

Whiskey maker Johnnie Walker Diageo (DGE.L) climbed 1.1% after posting a 24% rise in full-year sales as more people drank expensive spirits and bars reopened after pandemic shutdowns last year. Read more

Global miner Anglo American (AAL.L) jumped 3.4% despite a 28% drop in first-half profits. Read more

Barclays (BARC.L) fell 0.9% after the lender’s first-half profit fell more than expected due to a 1.9 billion pound ($2.31 billion) hit to regulatory missteps. Read more

Online trading platform CMC Markets (CMCX.L) fell 20.3% after the company forecast higher operating costs for fiscal 2023 than previously expected.

($1 = 0.8226 pounds)

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Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips

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