Commodity-linked stocks boost London equities higher

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02/04/2024 08:27

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        * 
      FTSE 100 up 0.5%, FTSE 250 adds 0.4%
    

  
       April 2 (Reuters) - British shares started the second
quarter higher, supported by a rise in energy and metal miners,
while lender HSBC rose following the sale of its Canadian unit. 
    The globally-focussed FTSE 100  .FTSE  was up 0.5% by 7:17
GMT on Tuesday, while the domestically-oriented FTSE 250  .FTMC 
moved 0.4% higher. Both indexes touched their highest levels in
over a year.  
    Leading sectoral gains, precious metal miners  .FTNMX551030 
climbed 2.7% as the dollar and Treasury yields held firm after
strong U.S. data flagged doubts on the start of interest rate
cut cycle.  GOL/ 
    Industrial metal miners  .FTNMX551020  followed with a 2.4%
uptick, as concerns of tighter raw material supplies and
improved demand prospects pushed copper prices higher, while oil
and gas stocks  .FTNMX601010  rose 2%, tracking higher crude
prices.  O/R   MET/L 
    Among individual stocks, HSBC Holdings  HSBA.L  gained 1.7%
on the prospects of recognising an estimated gain of $4.9
billion in the first quarter of 2024, as it completed the sale
of its Canadian unit to Royal Bank of Canada  RY.TO . 
    The broader banks  .FTNMX301010  index was up 1.2%. 

($1 = 0.7973 pounds)

 (Reporting by Pranav Kashyap and Khushi Singh in Bengaluru;
Editing by Mrigank Dhaniwala)
 ((Pranav.Kashyap@thomsonreuters.com;))
 
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