Markets

FTSE 100 Rises On Hopes Of Lockdown Easing

(RTTNews) - U.K. stocks rose on Tuesday as hopes of easing lockdown restrictions in many countries helped offset weak earnings updates from the likes of HSBC and BP Plc.

The benchmark FTSE 100 rose by 53 points, or 0.91 percent, to 5,899 after rising 1.6 percent in the previous session.

Sainsbury dropped 1.3 percent, Morrisons edged down slightly and Tesco shed around 0.3 percent after market researcher Kantar said that British grocery sales grew an annual 5.5 percent in the four weeks to April 19. That was significantly lower than March's record growth of 20.6 percent.

HSBC Holdings gave up half a percent after it posted a 48 percent year-over-year plunge in pre-tax profit for the first quarter of 2020.

BP Plc gained half a percent. The oil and gas company reported a first quarter loss to shareholders of $4.365 billion, compared to profit of $2.934 billion, prior year.

Travis Perkins, a distributor of building materials, rose over 3 percent. The company reported that its total first-quarter sales declined 4.6 percent and like-for-like sales fell 3.8 percent.

Games Workshop Group shares surged 11 percent. The manufacturer of miniature war games said its stores would continue to re-open across the world as local restrictions are lifted and all required health and safety measures are met.

The Group also agreed in principle with its bank, Santander, to secure an overdraft facility of 25 million pounds for a six-month period with a potential six-month extension, if required.

Weir Group gained nearly 2 percent. In its interim management statement, the company said it is benefiting from resilience of aftermarket-focused mining businesses, which represents 80 percent of total Group orders.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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