BREAKING NEWS

BREAKING NEWS

FTSE 100 cheery as HSBC gains on results, miners recover

FTSE 100 cheery as HSBC gains on results, miners recover
FILE PHOTO: A broker reacts on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) - Britain's main index inched up on Friday, after three sessions in the red, as a profit beat lifted HSBC and miners jumped after Tesla said it expects global shortages of copper. Intu Properties weighed down midcaps after an annual target cut.

The FTSE 100 added 0.2 percent and the FTSE 250 was little changed by 0713 GMT.

HSBC was the biggest support to the main bourse, with a 2 percent rise as its profit topped market view thanks to a surge in income from its core Asian business.

Miners snapped a seven-day losing streak with a 1 percent rise as metal prices picked up after electric-vehicle maker Tesla said it expects global shortages of nickel, copper and other EV battery minerals down the road.

All but two sectors were in the positive territory on the FTSE 100 by 0730 GMT.

However, midcaps missed the rally as Intu Properties skidded 8.3 percent to a record low after cutting its rental income target, saying it expects the year to be challenging.

Rivals Hammerson and British Land also felt the heat from the disappointing forecast, losing nearly 1 percent each.

A dim spot on the blue-chip index was InterContinental Hotels Group, whose shares slipped 3.5 percent and were on course for its worst day in nearly a year after the company flagged weakness in China.

(Reporting by Muvija M in Bengaluru; Editing by Mark Heinrich)

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