Home World Business FTSE 100 lifted by HSBC and Shell results

FTSE 100 lifted by HSBC and Shell results

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Traders in LondonImage copyright AFP

The UK market opened higher as a raft of strong results and trading updates were welcomed by investors.

The FTSE 100 index was up 19.22 points at 7,253.75, led by HSBC and Royal Dutch Shell after their first-quarter results beat expectations.

HSBC posted a 19% fall in first-quarter profits, but the drop was not as big as expected, and its shares rose 3%.

Shell shares were up nearly 3% after it reported a sharp rise in first-quarter profits, helped by higher oil prices.

Shares in the UK’s fourth-largest supermarket chain, Morrisons, rose 1.4% after it reported another quarter of healthy sales growth. Like-for-like sales rose 3.4% in the 13 weeks to 30 April.

However, the news for Next was not so good. Shares in the fashion retailer sank more than 6% after it reported falling sales and trimmed the top end of its full-year profit forecast.

On the currency markets, the pound edged up 0.1% against the dollar to $1.2881, but fell 0.2% against the euro to 1.1797 euros.

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