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%.

 


Disclaimer
The website https://kalkinemedia.com/uk is a service of Kalkine Media Ltd (Kalkine Media), Company Number 12643132. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   

We have updated our Terms of Use, Privacy Policy & Cookie Policy. By continuing to use our website, you agree to these updates.