UK stocks rise as investors count on upbeat earnings
Oct 27 (Reuters) – UK’s export-oriented FTSE rose on Thursday as a jump in shares of Shell and Unilever after better-than-expected quarterly earnings gave comfort to investors who were on the edge about inflationary pressures and a looming economic slowdown.
The blue-chip FTSE 100 (.FTSE) rose 0.2%, extending gains to hit a three-week high, while the mid-cap FTSE 250 (.FTMC) up 0.4% by 0724 GMT.
Shell PLc (SHEL.L) rose 2.7% as the oil heavyweight said it would sharply boost dividend after reporting a third-quarter profit of $9.45 billion, which came in slightly ahead of expectations. The refiner also announced plans to buy $4 billion of stock over the next three months.
The energy sector (.FTNMX601010) was up 2.3%.
Unilever (ULVR.L) jumped 0.4% after the largest British retailer raised its full-year sales estimates as it continued to hike prices to counter soaring costs . read moreAmong top losers were miners (.FTNMX551020), dragged down by a 2% slide in Anglo American (AAL.L) as a drop in copper production saw the company report quarterly output broadly in line with last year . read moreShares of Lloyds Banking Group (LLOY.L) gave up 1.7% after the lender posted a decline in third-quarter pre-tax profit due bad loan charges. read moreThe broader European index (.STOXX) shed 0.3%, as investors cautiously await a likely 75-basis-point rate hike by the European Central bank around 1215 GMT. read more
Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips
The energy sector (.FTNMX601010) was up 2.3%.
Unilever (ULVR.L) jumped 0.4% after the largest British retailer raised its full-year sales estimates as it continued to hike prices to counter soaring costs. Among top losers were miners (.FTNMX551020), dragged down by a 2% slide in Anglo American (AAL.L) as a drop in copper production saw the company report quarterly output broadly in line with last year.
