Commodity-linked stocks boost London equities higher

Among individual stocks, HSBC Holdings gained 1.7% on the prospects of recognising an estimated gain of $4.9 billion in the first quarter of 2024, as it completed the sale of its Canadian unit to Royal Bank of Canada. The broader banks index was up 1.2%.

British shares started the second quarter higher, supported by a rise in energy and metal miners, while lender HSBC rose following the sale of its Canadian unit.

The globally-focussed FTSE 100 was up 0.5% by 7:17 GMT on Tuesday, while the domestically-oriented FTSE 250 moved 0.4% higher. Both indexes touched their highest levels in over a year. Leading sectoral gains, precious metal miners climbed 2.7% as the dollar and Treasury yields held firm after strong U.S. data flagged doubts on the start of the interest rate cut cycle.

Industrial metal miners followed with a 2.4% uptick, as concerns of tighter raw material supplies and improved demand prospects pushed copper prices higher, while oil and gas stocks rose 2%, tracking higher crude prices. Among individual stocks, HSBC Holdings gained 1.7% on the prospect of recognizing an estimated gain of $4.9 billion in the first quarter of 2024, as it completed the sale of its Canadian unit to Royal Bank of Canada.

The broader banks index was up 1.2%. 

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