Did banking stocks lift FTSE 100 higher just before UK’s budget announcement? | UK Market Updates

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Did banking stocks lift FTSE 100 higher just before UK’s budget announcement? | UK Market Updates

The London markets traded in a green zone, as investors kept their eyes on the UK budget announcement. FTSE 100 traded higher by around 0.30%, driven by the banking stocks. Britain’s Purchasing Managers’ Index (“PMI”) for the services sector came out to be around 49.5 during February 2021 as compared to an eight-month low of 39.5 recorded during January 2021.

FTSE-100 listed banking stocks such as Barclays, HSBC Holdings, and Standard Chartered surged by around 3.79%, 1.49% and 3.13%, respectively, on the day of the UK’s budget announcement.

Housebuilder Persimmon shares surged by approximately 4.91% after it had reported a 15% increase in forward sales during 2020. However, it had reported a significant decline in the annual profit.

Mining giant Polymetal International had reported a 28% increase in full-year revenue and a 57% rise in the adjusted EBITDA during 2020, benefitted by higher commodity prices and rising production volumes. Moreover, the shares went up by approximately 1.22%.

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