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The UK's blue-chip stocks advanced on Tuesday as commodity producers Fresnillo and BP helped steer the market upwards as investors began to see a pile of reports on the profits
of July.
The FTSE 100
UKX, + 0.64%
increased by 0.5% to 7,743.42, after darting between small gains and losses. The oil and gas, health care and consumer sectors have increased, but the utilities, technology and industry sectors have declined. On Monday, the index lost less than 1 point.
For the month of July, the blue-chip stencil forecast a rise of 1.6%. This would follow the 0.5% loss in June. The year-to-date index so far has risen to about 0.7%, a relatively modest move after gains of 7.6% and 14.4% in 2017 and 2016, respectively.
The pound
GBPUSD, -0.0685%
soared to $ 1.3166 from $ 1.3133 Monday night in New York.
The FTSE 100 "defies the highs of July, with a channel up by two weeks, with gains coming from BP's earnings," said Mike van Dulken, an analyst at Accendo Markets. "Several banks maintain a positive momentum in this quarter's Q2 results and, of course, a likely recovery in Bank of England interest rates on Thursday."
"[Pound] force, normally an obstacle to international exposure, fails to hinder the uptrend."
Read: Hopes for Bank Rate Hikes of England raise the pound, but the dangers of Brexit remain
Stocks focus
Fresnillo Plc shares
FRES, + 3.93%
rose 2.9%, with first-half business revenue up 12% to $ 1.12 billion. Fresnillo increased its interim dividend to 10.7 cents per share. Profit in the first half decreased by 25%, penalized by negative exchange rates and falling silver prices, among other factors.
BP PLC Actions
BP., + 1.40%
on 0.7% after the oil producer declared that his net income had more than tripled in the second quarter to $ 1.79 billion, thanks upward earnings from its upstream business and Rosneft Oil Co.
Centrica PLC shares
NAC, -1.87%
dropped 5.4% after the British Gas owner said that adjusted operating profit in the first half fell to £ 782 million from £ 814 million. Pre-tax earnings were 415 million pounds sterling versus 79 million a year earlier, and Centrica maintained its interim dividend at 3.60 pence per share.
"These results are quite reasonable given the headwinds of higher wholesale costs, but they are not enough to quell the fears over the dividend, especially as the price cap so long awaited by the government This is probably why the return, which is around 8%, is so high, "said Laith Khalaf, Senior Analyst at Hargreaves Lansdown, in a note.
Just Eat PLC shares
JE., -4.89%
dropped 5.8% while the food delivery firm left unchanged its forecast for the underlying EBITDA between 165 and 185 million pounds sterling, but increased its revenue outlook. Pre-tax profit for the first half fell by 2.8%, penalized by the costs associated with its acquisition of Hungryhouse.
The chartered standard PLC falls
STAN, -1.03%
even as the Asian-based bank announced a 30% increase in its net profit in the first half, supported by the increase loans to customers. The lender posted a 7% increase in operating expenses to $ 5.1 billion "while the Group has prioritized investments to improve its business," he added.
Read: Standard Chartered Optimistic about Spat Commerce Between the United States and China
PLC Royal Bank of Scotland Group
RBS, + 1.62%
increased 1.6% as the UK Financial Conduct Authority reported that it did not take any action against the lender or its management following an investigation into his treatment of small businesses. -business clients following the financial crisis of 2008
CAF stated that its disciplinary sanction powers do not apply to the actions of the global restructuring group of RBS and that an action against the senior management would not have a reasonable chance of success. RBS will release its first half financial results on Friday.
Taylor Wimpey PLC
TW., + 1.86%
was up 1.3%, with the automaker recording a 47% increase in pre-tax profits in the first half, with higher prices offsetting sales falling. The company said it was on track to meet board expectations for the year.
Rentokil Initial PLC Shares
RTO, -1.02%
lost 2.8% due to pest control and hygiene services reported organic growth in the first half was delayed in because of the ongoing disruption in Puerto Rico after Hurricane Maria in 2017. Half of the underlying revenues and profits beat their medium-term goals.
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