UK market reverses early losses, banking stocks shine

SThree Plc (LON: STEM): Shares of the British recruitment firm rallied over 3% to hit GBX 400.00 after announcing its H1 results. The company posted strong growth in profit amid the rising demand in hiring. Its net fees climbed 25% on a year-on-year basis, while the operating profit rose to £44.6 million.

Premier Foods Plc (LON: PFD): Shares of the FTSE 250-listed food manufacturer climbed over 3% after it announced the acquisition of the Indian and South East Asian meal kits and accompaniments brand The Spice Tailor for a consideration of £43.8 million. The company said its new investment would generate a revenue of £17.3 million in FY22-23.

Vesuvius Plc (LON: VSVS): The British engineered ceramics firm's stock surged over 8% after it reported a stronger-than-expected trading update for May and June. The company now expects its trading profit (EBITA) for H1 2022 to reach £127.4 million.

US Markets: The US market is likely to open higher on Monday, as indicated by future indices. S&P 500 future was up by 7.39 points or 0.19% at 3,969.02, while the Dow Jones 30 futures was up by 0.27% or 86.76 points at 31,986.05. The technology-heavy index Nasdaq Composite future was up by 0.02% at 12,398.58 (At the time of writing – 9:32 am ET).

US Market News:

The stock of e-Commerce platform provider Squarespace (SQSP) nosedived by over 14% in the premarket trading session after it posted a weaker-than-expected full-year guidance. The company said that currency headwinds have impacted its revenues.

The stock of miner Newmont (NEM) slipped 3.3% in the premarket trading session after its second-quarter earnings failed to hit the market expectations. The drop in gold prices impacted the company's profits, which slid by close to 41% over the past year.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 22 July 2022)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Centrica plc (CNA), Glencore (GLEN).

Top 3 Sectors traded in green*: Basic Materials (1.75%), Financials (0.74%) and Healthcare (0.29%).

Top 3 Sectors traded in red*: Real Estate (-1.09%), Industrials (-0.77%), Utilities (-0.51%).

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 $99.87/barrel and $96.19/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,722.35 per ounce, down by 0.29% against the prior day closing.

Currency Rates*: GBP to USD: 1.2071; EUR to USD: 1.0243.

Bond Yields*: US 10-Year Treasury yield: 2.831%; UK 10-Year Government Bond yield: 1.979%.

*At the time of writing