UK market remains upbeat as financial stocks please investors with results

3 min read | July 29, 2022 02:54 PM BST | By Abhishek Sharma

UK Market: The UK stock market remained upbeat on Friday, supported by gains in financial stocks. The benchmark index FTSE 100 was up by nearly 0.6% in the afternoon, while the mid-cap focused FTSE 250 rose 1.60%. This also marks the end of a significant week for the market on a positive note as several companies announced their results for the second quarter as well as the first half of 2022. The market gains came despite Lloyds reporting a decline in business confidence for July due to inflation.

Natwest Group (LON:NWG): The major British lender topped the list of FTSE 100 gainers as its shares rallied over 8% during the day. The company announced significant gains for the first half of the year as its profits jumped 13%. It also declared dividends worth £2.1 billion, which also means a £1 billion payout for the UK government, which holds a 48% stake in the bank.

IMI Plc (LON: IMI): Shares of the engineering company rose nearly 3% after it reported a 9% growth in operating profits, which reached £160 million in the first six months of 2022. British investment bank JP Morgan maintained an 'outperform' rating for the company, saying that its organic sales growth continued to be solid.

Croda International Plc (LON: CRDA) The speciality chemicals maker's shares jumped by over 3% after it posted a 32.1% growth in operating profit at £288.6 million and 20.7% growth in sales that reached £1,127.3 million in the six months to 30 June 2022.

US Markets: The US market is expected to get a positive start, as indicated by the futures indices. S&P 500 future was up by 48.82 points or 1.21% at 4,072.43, while the Dow Jones 30 future was up by 1.03% or 332.04 points at 32,529.63. The technology-heavy index Nasdaq Composite future was also up by 1.08% or 130.17 points, at 12,162.59. (At the time of writing – 9:26 AM ET).

Shares of e-Commerce major Amazon.com (AMZN) rallied 12.5% in premarket trading on the back of its solid quarterly revenue. The company witnessed a quarterly loss overall, primarily due to the negative impact of its investment in EV firm Rivian, which set it back $3.9 billion.

Shares of digital media box maker Roku (ROKU) slumped 23.2% in premarket trading after its significant losses in the last three months. The firm's outlook for the rest of the year also declined, citing the pressure on its sales of ads and video streaming devices.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 29 July)

(Source: EODHD/Others)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Barclays plc (BARC), BT Group plc (VOD)

Top 3 sectors traded in red*:  Healthcare (-0.13%)

Top 3 sectors traded in green*: Basic Materials (2.04%), Real Estate (1.52%), Utilities (1.50%)

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 $104.97/barrel and $99.62/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,756.40 per ounce, up by 0.35% against the prior day closing.

Currency Rates*: GBP to USD: 1.2121; EUR to USD: 1.0178.

Bond Yields*: US 10-Year Treasury yield: 2.701%; UK 10-Year Government Bond yield: 1.9000%.

*At the time of writing


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