UK stocks climb as markets cheer upbeat earnings Fed comments

UK stocks climb as markets cheer upbeat earnings Fed comments

Summary :

July 28 (Reuters) – Britain’s main equity indexes rose on Thursday, catching up with an overnight rally on Wall Street , while strong results from blue-chip companies Shell and Diageo added to the upbeat mood.

The main FTSE 100 index (.FTSE) gained 0.2% to hit seven-week highs, while the domestically focussed midcap index (.FTMC) added 0.7%.

Asian and European stocks markets echoed an upbeat sentiment on Wall Street on Wednesday after the U.S. Federal Reserve raised interest rates as expected, but eased some concerns over the pace of rate hikes going forward.

Shares of Shell (SHEL.L) gained 0.9%, as the oil major reported a record quarterly profit of $11.5 billion, lifted by a tripling of refining profits and strong gas trading. Johnnie Walker whisky maker Diageo (DGE.L) climbed 1.1% after posting a 24% rise in full-year sales, as more people drank expensive spirits and bars reopened after pandemic lockdowns last year. Online trading platform CMC Markets (CMCX.L) slumped 20.3% after the company forecast higher operating costs for fiscal year 2023 than previously estimated.



No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *