© Reuters. FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville
(Reuters) – London’s FTSE 100 climbed on Thursday, driven by strong earnings updates from firms including Barclays (LON:BARC), Whitbread (LON:WTB) and Standard Chartered (LON:STAN), although shares of Sainsbury hit the bottom of the index after profit warning due to the cost-of-living crisis.
The blue-chip index rose 0.5%, while the domestically focused mid-cap FTSE 250 index advanced 0.4%.
Standard Chartered jumped 10.4% to the top of FTSE 100 index after the emerging markets-focused lender posted a forecast-beating 6% rise in its quarterly profit, benefiting from higher interest rates aimed at controlling inflation.
Shares of Barclays gained 1.6% after the lender reported a smaller-than-expected fall in its quarterly profit, as it saw strong trading profits from market volatility caused by the Russia-Ukraine conflict.
Whitbread added 2.6% after the Premier Inn owner resumed dividend payments to shareholders and said its future bookings in leisure and business segments at its British hotels have surpassed pre-pandemic levels.
Bucking the positive mood, Sainsbury’s fell 3.8% after the supermarket group followed market leader Tesco (LON:TSCO) in flagging lower annual profit due to soaring inflation, taking the shine off a more than doubling in profit for its 2021-22 year.
Standard Chartered leads FTSE 100 higher in earnings-driven session