Investing.com -- British shares closed higher on Tuesday as the major earnings reporting day saw blue-chip companies, including HSBC, BP (NYSE:BP) (LON:BP), AstraZeneca, report their earnings.
The blue-chip index FTSE 100 rose 0.6% and the British pound fell 0.3% against the dollar to 1.34. Meanwhile, DAX index in Germany gained 0.8%, the CAC 40 in France fell 0.3%.
Howden Joinery Group Plc (LON:HWDN) and Antofagasta PLC (LON:ANTO) were among the best-performing stocks in the U.K. on Tuesday, while Associated British Foods PLC (LON:ABF) and Beazley PLC (LON:BEZG) ranked among the worst performers.
BP shares fall on lower profit, buyback cut
BP shares fell 2.4% after the British energy giant said it would cut cash returns to shareholders amid market uncertainty and weaker oil prices.
The company reported an underlying replacement-cost profit of $1.38 billion, below the $1.53 billion analysts expected.
BP also slashed its quarterly buyback to $750 million, down from $1.75 billion the previous quarter, signaling a more cautious stance in a volatile market.
HSBC profit drops, announces $3 bln buyback
HSBC Holdings (NYSE:HSBC) (LON:HSBA) reported a 25% drop in first-quarter profit, primarily due to the lack of one-off gains that had lifted earnings in the same period last year.
Despite the decline, the bank announced a $3 billion share buyback. Shares rose 2.6% in London trade.
The London-headquartered lender posted a pre-tax profit of $9.5 billion, down from $12.7 billion a year ago but still ahead of the $7.8 billion average forecast by analysts.
AstraZeneca (LON:AZN) shares close higher as revenue misses, earnings beat
Despite initially declining, AstraZeneca PLC (ST:AZN) shares closed 0.9% higher after the company’s first-quarter revenue came in below market expectations, weighed down by weaker sales in its oncology and respiratory portfolios, despite beating profit forecasts.
The Anglo-Swedish pharmaceutical firm posted core earnings per share of $2.49, marking a 21% year-on-year increase and surpassing analyst projections by 10%.
Revenue for the quarter rose 7% to $13.59 billion (up 10% at constant exchange rates), though this fell around 2% short of consensus estimates.
Entain appoints CEO, Q1 revenue beats forecasts
Entain PLC (LON:ENT) saw a 3.3% increase in its shares after reporting a solid beginning to FY25, with Q1 Group Net Gaming Revenue (NGR) surpassing forecasts.
The company also announced the appointment of Stella David as its permanent CEO.
Primark owner reports below-expectation profits and revenue
Shares of Associated British Foods PLC, the owner of Primark, fell 9.2% after reporting a pretax profit and revenue for the first half that fell short of expectations, due to challenges in its sugar business.
The British conglomerate said that it made a pretax profit of 692 million pounds ($930.2 million) for the 24 weeks that ended on March 1.
This figure is 21% lower at current rates compared with the same period last year, and falls short of analysts’ forecasts of 828 million pounds, according to a Visible Alpha poll.
Jet2 shares soar on trading update
Shares of British airline Jet2 PLC (LON:JET2) jumped 15.7% after the company issued a post-close trading update, projecting its FY2025 profit before foreign exchange revaluation and tax could reach as high as £570 million.
Travis Perkins reports better-than-expected Q1 results
Shares of British retailer Travis Perkins PLC (LON:TPK) climbed 4.2% after the company reported first-quarter trading that exceeded analysts’ expectations.
Early 2024 sales rebound boosts U.K. performance
Howden Joinery Group Plc shares rose 4.6% after the company reported stronger sales momentum in its U.K. operations from early January through mid-April.
Same-depot sales, adjusted for working days, rose 1.4% year-on-year, signaling a recovery from the softer performance seen in the latter half of the previous year.
Beazley misses Q1 premium targets; shares drop
Beazley PLC (LON:BEZG) saw its shares drop more than 1% following the release of its first-quarter 2025 results, which showed slower-than-expected growth in written insurance premiums.
The London-based insurer reported a 2% year-on-year increase in total premiums, a growth that was partly affected by revisions to previous years’ premium estimates.
For Q1, Beazley’s total written premiums reached $1.511 billion, falling short of RBC’s forecast of $1.590 billion.
UU downgraded by UBS
UBS has downgraded United Utilities (OTC:UUGRY) Group PLC (LON:UU) to Neutral from Buy, pointing to limited room for upside unless real government bond yields decline or regulatory return assumptions improve meaningfully.
The investment bank also trimmed its price target on the stock to 1,150p from 1,195p.
Bakkavor signs deal to sell China business
Food manufacturer Bakkavor Group PLC (LON:BAKK) has entered into a binding agreement to sell its China operations to Lihe Xing (Qingdao) Food Technology Co. Ltd, a subsidiary of Lihoo’s (Qingdao) Food Industry Company Ltd.
The transaction is expected to be completed in the second half of 2025.