Commodity-linked stocks boost London equities to more than 1-year highs (updated)

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02/04/2024 09:27

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        * 
      FTSE 100 up 0.7%, FTSE 250 adds 0.5%
Superdry dips as CEO drops buyout bid
UK manufacturing data due 0830 GMT 
    

  
 (Updated at 8:14 GMT)
    By Khushi Singh and Pranav Kashyap
       April 2 (Reuters) - British shares climbed on Tuesday,
scaling their highest levels in more than a year, as a rise in
prices of most resources lifted energy and metal mining stocks,
while lender HSBC gained following the sale of its Canadian
unit. 
    The globally-focussed FTSE 100  .FTSE  was up 0.7% by 8:14
GMT on the first trading day of the second quarter, while the
domestically-oriented FTSE 250  .FTMC  moved 0.5% higher. 
    Leading sectoral gains, precious metal miners  .FTNMX551030 
climbed 3.8%, following a slight uptick in gold prices.  GOL/ 
    Industrial metal miners  .FTNMX551020  followed with a 2.6%
rise, as concerns of tighter raw material supplies and improved
demand prospects pushed copper prices higher, while oil and gas
stocks  .FTNMX601010  advanced 2.3%, tracking higher crude
prices.  O/R   MET/L 
    "The UK equity market doesn't need a rate cut to really
raise... the focus should remain on growth and GDP and we don’t
see any concern," Manish Singh, Chief Investment Officer at
Crossbridge Capital LLP said.
    Data showing prices in British shops rose at the slowest
pace in more than two years in March added to signs that the
country's inflation squeeze is now fading fast, boosting
sentiment.    
    Meanwhile, British house prices rose in March at their
fastest annual pace since December 2022, indicating a recovery
in a market which has been squeezed by high interest rates. 
    Investors now look forward to UK business activity data for
the month of March, due 0830 GMT. 
    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 1.4%. 
    Fashion chain Superdry  SDRY.L  dropped more than 51% to a
record low of 13.80 pence as chief executive and top shareholder
Julian Dunkerton will not be making an offer for the struggling
company. 

($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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