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Home > Trading > Mining, energy stocks push FTSE 100 higher; HSBC slides

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Mining, energy stocks push FTSE 100 higher; HSBC slides

Published by linker 5

Posted on February 23, 2021

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(Reuters) – London’s FTSE 100 advanced on Tuesday, as rising commodity prices lifted mining and energy stocks, while HSBC dropped after the lender abandoned its long-term profitability targets.

The commodity-heavy FTSE 100 was up 0.7 by 0813 GMT, boosted by oil producers BP and Royal Dutch Shell, which tracked gains in crude prices. [O/R]

Shares of miners Anglo American, Rio Tinto and BHP Group were also among the biggest boost to the index.

Travel and leisure stocks jumped 2.4%, gaining for a second straight day as Prime Minister Boris Johnson unveiled a map out of the lockdown for England.

The mid-cap FTSE 250 rose 0.7%, led by industrials and consumer discretionary stocks.

HSBC Holdings PLC fell 1% after unveiling a revised strategy, focused mainly on wealth management in Asia as the COVID-19 crisis pushed the lender’s annual profit sharply lower.

Shares of Holiday Inn-owner InterContinental Hotels rose 3.2%, despite posting an annual loss, triggered by repeated COVID-19 restrictions and lockdowns.

(Reporting by Shivani Kumaresan in Bengaluru, Editing by Sherry Jacob-Phillips)

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