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Tuesday Morning Markets: FTSE 100 Falls as HSBC and Reckitt Decline After Results

HSBC and Reckitt lead the early FTSE 100 fallers after results, while Computacenter extends gains and oil stays elevated.

London is trading lower on Tuesday, with the FTSE 100 down 1% and HSBC and Reckitt falling sharply after results.

The FTSE 250 is down 0.2%, while on the continent the DAX has lost 0.1%, the CAC 40 has fallen 0.3%, and the Stoxx 50 is down 0.2%.

Results hit HSBC and Reckitt

HSBC was last down 7.09% at 1,268.50p after the bank’s Q3 update. Third-quarter pre-tax profit was $9.6bn, up 32% year on year but below $10.1bn in the second quarter, and its CET1 capital ratio of 13.9% sits under its 14%-14.5% target range. It announced a buyback of up to $1bn and reiterated guidance.

Meanwhile, Reckitt fell 6.31% to 5,138p, with core like-for-like revenue rising 3.3% in the third quarter, but North America fell 1.3%. Chief executive Kris Licht said “North America was below our expectations”, citing temporary manufacturing constraints.

Risers and fallers so far

FTSE 100PriceMove
Computacenter5,322.50p+2.60%
Rio Tinto6,352p+1.75%
Rentokil344.50p+1.50%
Standard Chartered1,976.50p-1.67%
Severn Trent3,202p-1.54%

Computacenter is extending Monday’s surge of more than 13% after its trading update. Rentokil started a buyback of up to $200m. In the FTSE 250, Vistry is up 4.39% and B&M is down 2.00%.

Severn Trent said finance chief Helen Miles is leaving to become Vistry’s chief financial officer.

Oil and the Middle East

Brent has gained 0.8% to $111.57, while WTI is up 0.8% at $102.57. Tehran has accused Washington of “not being serious” about talks, and a vessel was reported on fire about 63 nautical miles southeast of al-Faw, Iraq.

Elsewhere, spot gold is trading 0.5% lower at $3,995, and GBP/USD is 0.2% lower at $1.3319.

Sam Boughedda
Sam Boughedda
Team Member

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples. 

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