Source: Sharecast
HSBC rallied as it posted better-than-expected first-quarter pre-tax profits of $9.5bn and announced a $3bn share buyback. However, the bank also lifted its bad loan provisions in the first quarter, blaming a bleak macroeconomic outlook from higher tariffs and geopolitical tensions.
The lender said it now expects credit losses of $876m, an increase of $202m, with $100m set aside to cover Hong Kong’s commercial property sector.
Primark owner Associated British Foods slumped as it said first-half profits fell by a tenth with sales slightly behind last year, as growth in retail and food ingredients was offset by a "frustrating" performance in the sugar division.
Adjusted pre-tax profit totalled £818m in the 24 weeks to 1 March, down from £911m the year before, as group revenues fell 2% to £9.51bn. The interim dividend was unchanged at 20.7p per share.
Beazley fell as it reiterated its full-year outlook and posted a modest uptick in written premiums but a decline in premium rates on renewal business.
BP lost ground after the oil giant reported lower-than-expected quarterly income as it continued to overhaul its long-term strategy amid tumbling oil prices.
The blue chip said underlying replacement cost profits - its core measure of income - were $1.38bn in the first quarter of 2025. That was an improvement on the previous three months’ $1.17bn, but down sharply on the $2.72bn posted in the first quarter of 2024. It was also below analyst forecasts for $1.53bn.
Ashtead was also weaker after RBC Capital Markets downgraded the shares to 'sector perform’ from ‘outperform’ and slashed the price target to 4,125p from 6,750p as it factored in a slowdown.
FTSE 100 - Risers
HSBC Holdings (HSBA) 857.60p 2.87%
Standard Chartered (STAN) 1,098.00p 2.62%
Kingfisher (KGF) 285.80p 2.44%
Antofagasta (ANTO) 1,713.50p 2.02%
Tesco (TSCO) 363.60p 1.76%
BAE Systems (BA.) 1,710.00p 1.76%
Fresnillo (FRES) 1,015.00p 1.70%
Anglo American (AAL) 2,145.00p 1.61%
easyJet (EZJ) 496.00p 1.60%
Barratt Redrow (BTRW) 462.40p 1.49%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,041.00p -8.84%
Beazley (BEZ) 851.50p -3.79%
BP (BP.) 350.40p -3.20%
Hiscox Limited (DI) (HSX) 1,067.00p -2.82%
Melrose Industries (MRO) 428.00p -1.61%
Ashtead Group (AHT) 4,029.00p -1.49%
Shell (SHEL) 2,426.00p -1.30%
InterContinental Hotels Group (IHG) 7,758.00p -1.20%
Spirax Group (SPX) 5,800.00p -1.19%
Smith & Nephew (SN.) 987.00p -1.10%