UPDATE 2-FTSE rises after HSBC profit beat, miners recover

  • Reuters
  • Stock Market News
UPDATE 2-FTSE rises after HSBC profit beat, miners recover
Credit: © Reuters.

* FTSE 100 up 0.4 pct

* FTSE 250 up 0.1 pct

* HSBC, miners boost FTSE 100

* ConvaTec jumps after Q1 report

* Intu slumps after poor forecast (Adds company news items, updates to closing prices)

By Muvija M and Yadarisa Shabong

May 3 (Reuters) - Britain's main index gained ground on Friday as a profit beat buoyed HSBC and miners recouped recent losses ahead of Chinese-U.S. trade talks next week, while upbeat U.S. jobs data kept investors happy.

The FTSE 100 .FTSE ended 0.4 percent higher, following three sessions of decline, and the FTSE 250 .FTMC overturned earlier losses to close up 0.1 percent.

HSBC HSBA.L was the biggest support to the main bourse, rising 2 percent to its highest level in over eight months as its profit surpassed analysts' expectations thanks to a surge in income from its core Asian business. .FTNMX1770 snapped a seven-day losing streak with a 1.1 percent jump as metal prices picked up with China and the United States set to resume trade talks next week.

Online grocer Ocado OCDO.L also inched up by 2.6 percent following bullish comments from Peel Hunt, whose analysts said the British company's technology was ahead of retail giant Amazon's AMZN.O when it comes to speed and efficiency. welcomed some positive news overseas, as data showed U.S. job growth surged in April and unemployment rate dropped to an over 49-year low. Both pointed to sustained strength in economic activity.

However, the blue-chip index's gains were capped as sterling strengthened after Labour party's Jeremy Corbyn said parliament must get a Brexit deal done.

All but two sectors were in positive territory on the FTSE 100, though weakness in oil majors on swelling U.S. inventories and concerns of global economic health still left the index bagging its steepest weekly loss in two months.

Midcaps also joined Friday's rally but Intu Properties INTUP.L kept a lid on gains with a 4.6 percent drop.

Intu stock tumbled to a record low after the company lowered its rental income forecast, blaming retail collapses and a slowdown in new lettings due to Brexit uncertainties. Hammerson HMSO.L and British Land BLND.L also suffered, losing 1.5 percent and 1.3 percent respectively.

However, medical products maker ConvaTec CTEC.L added 5.3 percent after it reported in-line first quarter and stuck to annual targets. contractor Ultra Electronics ULE.L jumped 5.3 percent after the company said 2019 will be a year of good underlying progress.

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