FTSE Indexes Climb as Unilever, Man Group Boost Consumer Earnings
Market Performance and Key Movers
July 28 (Reuters) - London's main FTSE indexes edged higher on Tuesday, supported by earnings-driven gains in consumer-focused stocks, including Unilever and Man Group, shrugging off pressure from declines in banks and energy shares.
The blue-chip FTSE 100 index rose 0.5% to 10,845.71 points by 0950 GMT, while the mid-cap FTSE 250 climbed 0.2%.
Consumer-Focused Stocks Lead Gains
Unilever's Strong Performance
• Unilever jumped 6.8%, putting it on track for its biggest one-day gain in two years, after the company raised its annual forecast and delivered its strongest quarterly volume growth in more than a decade, as consumers continued to buy brands such as Vaseline, Dove and Cif despite concerns over household budgets.
Other Notable Risers
Coats
• Coats jumped 7.1% to the top of the FTSE mid-cap index after the thread maker reported higher first-half profit.
Man Group
• Among individual stocks, Man Group shares jumped 4.6% to their highest since 2010 after the hedge fund manager posted a better-than-expected 11% half-yearly rise in assets under management.
Canal+
• Canal+ jumped 6.2% after the French pay-TV and media group reported a slight rise in half-year revenue, as growth in its legacy businesses offset a narrowing decline at MultiChoice, the African broadcaster it acquired last year.
Sectors Under Pressure
Banks
• Meanwhile, banks led sectoral declines, falling 0.7% after Barclays slipped 5.1% despite reporting a better-than-expected 17% rise in first-half profit, suggesting investors had already priced in robust results from British banks.
Energy Stocks
• Energy stocks also fell 0.6% as oil prices slid more than 2% as hopes for a resolution to the U.S.-Iran conflict grew. [O/R]
Upcoming Central Bank Policy Statements
• Policy statements from the U.S. Federal Reserve and the Bank of England will be watched later this week for hints on the central banks' next likely moves.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Harikrishnan Nair)
