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UK Market News: The UK stock market moved higher on Tuesday, with the blue-chip FTSE100 index gaining over half a per cent. While homebuilders like Barratt Developments remained among the biggest risers, oil and gas firms, including Shell and BP, were among the top losers amid increasing pressure of a windfall tax. Today’s Queen's speech has also supported the index’s rise as Prince Charles talked about tackling the ongoing cost-of-living crisis.
Barratt Developments plc (LON: BDEV): The shares of the leading UK housebuilder Barratt Developments plc were up by 2.94%, with a day’s high of GBX 472.30. The company has recently urged the UK Government to reconsider its proposal to increase the levy created to finance the fire safety repairs.
Shell plc (LON: SHEL): The shares of the British oil and gas firm Shell plc were down by 1.10%, with a day’s low of GBX 2,200.50. The oil major has recently reported record-high quarterly profits, and the company is facing the threat of a windfall tax.
BP plc (LON: BP.): The shares of the oil and gas supermajor BP plc were down by 0.43%, with a day’s low of GBX 403.05. Like Shell, BP has also reported record-high quarterly profits and thus is facing some pressure from the demand for a windfall tax.
US Markets: The US market is likely to have a bounce back with a decent start, as indicated by the futures indices. S&P 500 future was up by 39.75 points or 1% at 4,026.50, while the Dow Jones 30 future was up by 0.79% or 253 points at 32,414.00. The technology-heavy index Nasdaq Composite future was also up by 1.57% or 191 points, at 12,384.75. (At the time of writing – 8:45 AM ET).
The shares of the US-based exercise equipment and media firm, Peloton (PTON), plummeted by over 25% in the premarket trading session. The company has reported an above-expected loss for the first quarter due to a decline in demand and expects the current quarter’s revenue to also fall below expectations.
The shares of the US-based car retailer and e-commerce firm Vroom (VRM) went up by 38% in the premarket trading session. The company has reported lesser than expected losses for the quarter while the revenues generated by the company surpassed the expectations.
European Indices Performance (at the time of writing):
FTSE 100 Index - One Year Performance (as on 10 May 2022)
(Source: EODHD/Others)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group Plc (VOD), BP (BP.)
Top 3 Sectors traded in green*: Financials (2.01%), Real Estate (1.60%), Consumer Cyclicals (1.54%)
London Stock Exchange: Stocks Performance (at the time of writing)
Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $105.81/barrel and $103.12/barrel, respectively.
Gold Price*: Gold price was quoted at US$ 1,861.22 per ounce, up by 0.14% against the prior day’s closing.
Currency Rates*: GBP to USD: 1.2330; EUR to USD: 1.0555.
Bond Yields*: US 10-Year Treasury yield: 2.979%; UK 10-Year Government Bond yield: 1.5355%.
*At the time of writing
