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(Sharecast News) - London stocks were still firmer by midday on Tuesday, underpinned by strength in the mining sector, as investors sifted through a raft of corporate releases from the likes of HSBC and BP.
The FTSE 100 was up 0.3% at 10,892.97, while Brent crude was up 1% at $84.57 a barrel and West Texas Intermediate was 0.5% higher at $80.71, having tumbled on Monday.
Russ Mould, investment director at AJ Bell, said: "The FTSE 100 got off to a solid start on Tuesday following gains in US and Asian markets,
"Miners were higher in London, with performance also bolstered by some positively received corporate updates.
"Oil prices ticked higher as Iran denied suggestions from the US that talks between the two would resume. Though they remain some way below the highs seen last week amid hopes peace efforts can be revived."
In equity markets, heavily-weighted miners were the top performers as copper prices rose, with Antofagasta, Anglo American, Rio Tinto and Glencore all up.
BP was barely higher, giving up earlier gains, as it said underlying profits more than doubled and operating cash flow soared in the second quarter as oil prices surged, but acknowledged that its operational performance "fell short" of expectations, with upstream plant reliability and refining throughput both lower.
The energy major reported an underlying replacement cost profit of $5.73bn for the three months to 30 June, up from $3.20bn in the first quarter and $2.35bn the year before. The company also announced its intention to sell its US biogas business Archaea as it continues to pivot out of renewables.
Travis Perkins surged as it reported drop in first-half revenue and flat operating profits once property profits were stripped out, but with analysts pointing to early signs of a turnaround.
Domino's also advanced after results, while Segro gained after agreeing to be taken over by US logistics giant Prologis in a £14.3bn deal.
Volution ticked higher as it announced the acquisition of German ventilation firm GetAir for €40m.
Johson Matthey shot up as Jefferies reinstated a 'buy' rating on the stock following full-year results and the Cormetech acquisition.
On the downside, medical equipment manufacturer Smith & Nephew tumbled as it trimmed its full‑year revenue growth outlook on weak demand for knee and hip replacements in the US.
HSBC nudged lower despite posting a better-than-expected 23% jump in first-half profit driven by a strong second quarter on the back of net interest income and fees. Pre-tax profit rose to $19.5bn, compared with the $18.9bn average forecast by analysts in a company-compiled consensus. The bank said it was resuming share buybacks with a $1bn repurchase plan.
AG Barr fizzed lower as the Irn-Bru maker backed its full-year guidance and reported a rise in interim revenue, but cautioned over a £10m revenue hit from supply chain issues.
Market Movers
FTSE 100 (UKX) 10,892.97 0.32%
FTSE 250 (MCX) 24,294.06 0.29%
techMARK (TASX) 6,071.35 0.35%
FTSE 100 - Risers
Antofagasta (ANTO) 3,853.00p 5.06%
Anglo American (AAL) 3,834.00p 3.67%
Halma (HLMA) 3,660.00p 3.27%
Rio Tinto (RIO) 7,309.00p 3.22%
Glencore (GLEN) 554.30p 2.88%
Rentokil Initial (RTO) 365.70p 2.52%
Abrdn (ABDN) 251.20p 2.45%
AstraZeneca (AZN) 11,746.00p 2.23%
Convatec Group (CTEC) 230.80p 2.22%
Croda International (CRDA) 3,309.00p 2.10%
FTSE 100 - Fallers
Smith & Nephew (SN.) 1,143.00p -4.51%
Coca-Cola Europacific Partners (DI) (CCEP) 7,745.00p -3.91%
Pearson (PSON) 1,220.00p -2.36%
JD Sports Fashion (JD.) 88.88p -2.35%
Prudential (PRU) 1,085.50p -2.12%
International Consolidated Airlines Group SA (CDI) (IAG) 425.40p -1.87%
HSBC Holdings (HSBA) 1,572.20p -1.53%
Metlen Energy & Metals (MTLN) 47.21p -1.44%
Whitbread (WTB) 2,507.00p -1.42%
Persimmon (PSN) 1,113.00p -1.33%
FTSE 250 - Risers
Travis Perkins (TPK) 666.50p 16.49%
Seraphim Space Investment Trust (SSIT) 170.80p 5.69%
Volution Group (FAN) 670.00p 5.67%
Johnson Matthey (JMAT) 2,092.00p 5.66%
Raspberry PI Holdings (RPI) 680.75p 3.38%
Oxford Instruments (OXIG) 2,798.00p 3.32%
Domino's Pizza Group (DOM) 210.20p 2.94%
IP Group (IPO) 67.10p 2.91%
Endeavour Mining (EDV) 3,612.00p 2.79%
Hays (HAS) 60.05p 2.74%
FTSE 250 - Fallers
Vistry Group (VTY) 268.20p -14.16%
Barr (A.G.) (BAG) 603.00p -6.51%
International Workplace Group (IWG) 188.10p -5.51%
XP Power Ltd. (DI) (XPP) 1,690.00p -2.42%
Aston Martin Lagonda Global Holdings (AML) 34.22p -2.23%
Ocado Group (OCDO) 212.60p -1.85%
Keller Group (KLR) 2,998.00p -1.70%
AEP Plantations (AEP) 173.00p -1.70%
PPHE Hotel Group Ltd (PPH) 1,536.00p -1.66%
WH Smith (SMWH) 437.40p -1.58%
