Economy 2 MIN READ

London stocks kick off May on bright note after upbeat HSBC earnings

May 2, 2023By Reuters

London’s blue-chip FTSE 100 edged higher on Tuesday, boosted by a jump in shares of HSBC after the lender’s quarterly profit tripled, though overall gains were limited by weakness in energy stocks.

The internationally-focused FTSE 100 rose 0.3% by 0710 GMT, while the mid-caps index was up 0.4%.

HSBC Holdings advanced 3.8% to the top of the FTSE 100 after its first-quarter profit topped expectations as rising interest rates worldwide boosted income and helped it pay its first quarterly dividend since 2019.

BP fell 3.6% after the oil major pared back its share buyback program. The company, however, made a USD 5 billion profit in the first quarter of 2023, up from the previous three months due to strong oil and gas trading.

Superdry fell 2.7% after the struggling fashion brand said it is in “positive” talks with investors regarding an equity raise of up to 20%.

Meanwhile, British house prices showed signs of stabilisation in April, as per mortgage lender Nationwide.

(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Savio D’Souza)

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