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FTSE 100 gains as financials, miners firm; Galliford sinks

FTSE 100 gains as financials, miners firm; Galliford sinks
FILE PHOTO: A financial trader works at their desk at CMC Markets in the City of London, Britain, April 11, 2019. REUTERS/Peter Nicholls -
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PETER NICHOLLS(Reuters)
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(Reuters) - London's main index rose on Tuesday as Asia-focused financial stocks and miners hailed upbeat data from China, while mid-cap builder Galliford tanked to a near seven-year low after warning on profit.

The FTSE 100 and the FTSE 250 were up 0.2 percent by 0721 GMT, ahead of unemployment data.

Gains on the main index mirrored those in Asia after data showed that new home prices in China grew slightly faster in March after growth slowed the previous month, kindling hopes that Beijing's stimulus measures have helped bolster the world's No. 2 economy and top metals consumer.

Miners as well as Asia-exposed financial heavyweights HSBC and Prudential boosted the main bourse.

However, gains were capped as airline stocks EasyJet and British Airways-owner IAG slipped about 1.5 percent each after rising fuel costs and overcapacity in Europe dented Germany's biggest airline Lufthansa's first-quarter results.

On the FTSE 250, builder Galliford Try slumped 17 percent to its lowest since August 2012 after saying it was undertaking a strategic review of its construction business which would reduce its size and lead to a fall in annual profit.

But helping the mid-caps post carve out gains was emerging market-focused asset manager Ashmore which rose 2.5 percent after reporting a double-digit jump in assets under management.

JD Sports Fashion added 3.2 percent as acquisitions helped it tackle a challenging retail environment at home and post better-than-expected full-year earnings.

Drugmaker Indivior, recently battered by a U.S. Department of Justice indictment, was on course for its fourth straight session of gains with a 4 percent rise.

Recruitment firm Hays skidded 6.1 percent as organic growth in Australia and Germany slowed in the third-quarter.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Andrew Heavens)

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