London stocks steady after five straight days of losses

The FTSE 100 was up 0.6% by 0712 GMT, with shares in British bank HSBC gaining 2.6% to provide the biggest boost to the blue-chip index. Oil majors BP Plc and Shell Plc rose 1.5% and 0.8% respectively, tracking volatile crude prices.

UK shares steadied on Tuesday, with some positive impetus from financial stocks and several strong earnings updates, a day after economic slowdown concerns dragged the main British indexes to their fifth straight session of losses. The FTSE 100 was up 0.6% by 0712 GMT, with shares in British bank HSBC gaining 2.6% to provide the biggest boost to the blue-chip index.

Oil majors BP Plc and Shell Plc rose 1.5% and 0.8% respectively, tracking volatile crude prices. The domestically-focussed mid-cap FTSE 250 index advanced 0.7%, after closing at its lowest level in more than three months on Monday.

Paragon Banking gained 4.7% after upgrading its 2022 forecasts and flagging strong new lending growth. FirstGroup rose 1.2% after the transport company reported a bigger annual profit and resumed dividend payments, as passenger numbers on its buses improved after the relaxation of COVID-19 curbs.

Crest Nicholson climbed 6.1% after forecasting fiscal year 2022 adjusted profit before tax of between 135 million pounds and 140 million pounds. The housebuilder reported an adjusted profit of 107.2 million pounds in 2021.

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