London’s premiere stock index, the FTSE 100, hit 52 week highs before setting the stage for a record close at 8313, marking a significant 100-point rise (1.22%) in Tuesday’s session. Let’s take a quick skim through yesterdays’ market news.
In the UK energy sector, BP reported a notable decrease in profits. The news prompted a 0.78% slip in the BP share price, as an afternoon dip reflected the less-than-stellar performance amid fluctuating global energy demands. Cost savings and a commitment to shareholder value was offered up in the call.
Staying in energy, Shell stock added 1% on the day as news of a potential sale of Malaysian petrol stations to Aramco hit news wires.
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On the sustainable energy front, UK-based Octopus Energy received a notable valuation boost to £7.2 billion. This came as established investors such as Generation Investment Management and Canada Pension Plan Investment Board increased their holdings, signalling robust confidence in the green energy company’s future.
The UK’s construction industry is currently witnessing robust growth. S&P Global’s UK construction PMI hit 53 in April (up from 50.2), indicating the fastest pace of expansion in over a year.
This positive picture was slightly tarnished by the retail sector, which saw a 4.4% drop in sales in April from the previous year.
In news across the Atlantic, US stocks exhibited modest gains at Tuesday’s close, with the Dow Jones adding fractionally (up 0.082%), the S&P 500 inching up 0.13%, and the Nasdaq retreating slightly (0.10%). Despite some big moves to the downside on the New York Stock Exchange, the composite ended the day up 0.17%.
Disney shares were one of the big casualties, dropping almost 10% after its second-quarter earnings report. Another NYSE constituent, Palantir was a big loser on the day, with shares dropping more than 15% as the forward guidance on earnings missed the lofty expectations of the street.
Looking back to British shores, with BBY.L, WG.L, and AAF.L all on the earnings calendar today, and the BoE rate decision coming tomorrow there will be plenty to keep an eye on through the remainder of the week.
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