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London stocks score monthly gains; HSBC climbs on upbeat profit
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London stocks score monthly gains; HSBC climbs on upbeat profit
Apr 30, 2024 9:43 AM

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HSBC ( HSBC ) led gains on FTSE 100 on upbeat profit, $3 bln

buyback

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Hargreaves Lansdown climbs on seeing good momentum in

April

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Prudential slips on lacklustre China JV performance

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FTSE 100 flat, FTSE 250 off 0.6%

(Updated at 1550 GMT)

By Pranav Kashyap, Sruthi Shankar and Khushi Singh

April 30 (Reuters) - Britain's benchmark FTSE 100 ended

subdued on Tuesday, as strength in financials following strong

updates from HSBC ( HSBC ) and Hargreaves Lansdown was offset by a

sell-off in metal mining stocks.

The blue-chip FTSE 100 had extended its record rally

for the sixth straight session earlier in the day, hitting an

all-time high of 8,199.95 points. However, the index ended the

session flat.

The midcap FTSE 250 edged 0.6% lower to 19,965.39

points, after having breached the 20,000 mark in the previous

session.

Both indexes marked their second consecutive monthly gain.

Signs of inflation coming under control, a recovering economy,

upbeat corporate results and reasonable prices is attracting

more buyers to Britain.

"There's a fear of missing out as everything has been rising

for so long, and even at the beginning of April, when we did see

a pullback, FTSE held better than its European and U.S.

counterparts," Daniela Hathorn, senior Market analyst at

Capital.com, said.

The banks index added 2.3% as the top

performing sector, led by a 4.1% jump in HSBC Holdings ( HSBC )

shares after the Asia-focused bank announced a

better-than-expected pretax profit, $3 billion worth of share

buybacks and its CEO Noel Quinn's retirement.

Hargreaves Lansdown jumped 3.6%, after the

investment platform saw good momentum in April as clients

invested at the start of the tax year to claim more benefits.

Whitbread ( WTBCF ) rose 3.9% as the Premier Inn owner

announced a 26% increase in its dividend, a share buy-back

programme worth 150 million pounds ($187 million), and plans to

close 238 underperforming restaurants, resulting in 1,500 job

cuts in Britain.

Limiting gains in the blue-chip index, insurer Prudential

fell 5.4% after its annual premium equivalent sales for

CITIC Prudential Life, its Chinese Mainland joint venture,

slumped 17% in the first quarter.

Meanwhile, precious metal miners led sectoral

declines with a 3.4% fall, while industrial metal miners

lost 1.4%, pressured by firmer dollar that makes

metals expensive for overseas buyers.

Global investors now await the U.S. Federal Reserve's policy

decision on Wednesday.

($1 = 0.7993 pounds)

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