Bank stocks boost UK equities; tariff developments in focus (updated)
29/04/2025 17:35
Trump to sign executive order on auto tariffs, White House says
HSBC shares rise on profit beat and buyback
Howden Joinery gains on posting higher revenue
FTSE 100 up 0.6%, FTSE 250 up 0.4%
Updates after markets close
April 29 (Reuters) - British stocks ended higher on Tuesday, led by gains in bank shares, with markets responding positively to news about automotive tariffs.
The White House said U.S. President Donald Trump would sign an executive order on Tuesday to soften the impact of his automotive tariffs, giving some relief to cautious investors.
The blue-chip FTSE 100 index .FTSE was up 0.6%, marking its 12th consecutive winning session.
The domestically focused mid-cap index .FTMC advanced 0.4%, posting its fifth straight session in green.
The banks .FTNMX301010 led the sectoral gains, up 1.9%.
Heavyweight HSBC HSBA.L rose 2.6%, topping the FTSE 100 index, after Europe's largest lender reported first-quarter profit above estimates and announced a $3 billion share buyback program.
Among other stock-related moves, Howden Joinery HWDN.L gained 4.6% after posting higher revenue.
Entain ENT.L rose 3.3%, after the Ladbrokes owner named Stella David as its permanent CEO.
Travis Perkins TPK.L was the top performer among midcaps, rising 4.2%, as the building materials supplier reported 3.7% like-for-like revenue growth at its toolstation division in the first quarter.
On the flip side, BP BP.L fell 2.4%, after the oil major reported a deeper-than-expected 48% drop in net profit. The energy index .FTNMX601010 was down 1.1%.
Primark-owner Associated British Foods ABF.L tumbled 9.2% after reporting a 10% fall in first-half profit.
Britain plans to bring crypto exchanges and dealers under compulsory regulation for the first time under new draft laws announced by finance minister Rachel Reeves to regulate the crypto-asset industry.
On the data front, British grocery price inflation edged up to 3.8% in April, industry data showed.
(Reporting by Ragini Mathur and Sanchayaita Roy in Bengaluru; Editing by Vijay Kishore and Gareth Jones)
((Ragini.Mathur@thomsonreuters.com;))
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