The FTSE 100 opened 16.79 points higher at 10,798.54 on Tuesday, defying an early tech-driven sell-off triggered by reports of Chinese advancements in domestic semiconductor manufacturing equipment. The index’s resilience came as investors weighed sector-specific earnings and global oil price declines.
Market Movers: Unilever Leads Gains, Barclays Falls
Unilever climbed 5.74% to 4,892.50p after posting its strongest quarterly volume growth in over a decade. The consumer goods giant reported underlying sales rose 5.8% in the second quarter, exceeding the 4.14% consensus estimate, with revenue reaching €13.05 billion. CEO Fernando Fernandez hailed it as “the best volume quarter at Unilever in over a decade,” driven by Power Brands and emerging markets.
Other gainers included Admiral Group (+3.18%), Reckitt Benckiser (+2.63%), Babcock International (+2.45%), Diageo (+2.33%), and The Sage Group (+2.22%).
On the downside, Barclays shares tumbled as much as 7% in early trading, their steepest decline since April last year, despite the bank topping profit and income expectations in Q2. Analysts noted that the investment bank’s strong performance had already been priced in, while earnings outside that division were more muted than expected. Games Workshop fell 3.17%, Lion Finance Group dropped 2.21%, and AstraZeneca slipped 1.63%.
Unite Students Reports £400 Million Loss
Unite Students, the UK’s largest student landlord, plunged to a £417 million pre-tax loss in the six months to June, reversing a £186 million profit a year earlier. The loss was driven by a £530 million revaluation of its property portfolio and “extremely challenging” building costs. The company plans to sell up to 20,000 beds as it reduces its footprint. Shares fell 3.4% to £538.
Oil Prices Extend Decline
Brent crude futures fell 1.95% to $86.64 per barrel, while US West Texas Intermediate declined 1.49% to $81.38 per barrel, as concerns over global demand and Chinese semiconductor news weighed on energy markets.
Global Market Overview
In the US, the Dow Jones gained 0.5%, while the S&P 500 was flat and the Nasdaq fell 0.2%. In Asia, Japan’s Nikkei 225 dropped 3.95%, China’s Shanghai Composite fell 1.16%, but Hong Kong’s Hang Seng rose 0.36%. India’s Nifty 50 and Sensex both edged higher.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.