London close: FTSE shrugs off Asian tech selloff; Croda, Unilever rally

(Sharecast News) - London stocks ended firmly in the black on Tuesday, with Croda and Unilever pacing the gains after results, as investors shrugged off a tech selloff in Asia.

The FTSE 100 closed up 0.8% at 10,871.02.

Susannah Streeter, chief investment strategist at Wealth Club, said: "AI-powered market enthusiasm is being tested as chip stocks slide amid concerns over competition, valuations and the next phase of the AI infrastructure boom.

"The FTSE 100 is proving more resilient thanks to its lack of heavyweight technology exposure, while Unilever results provide support with power brands delivering volume growth."

In equity markets, Croda surged as the chemicals firm backed its full-year expectations and posted 4.6% growth in half-year organic sales.

Consumer goods giant Unilever was also a high riser as it boosted its full-year outlook following a strong first half.

Underlying sales growth in the six months to June end rose by 4.8%, driven by robust performances in homecare and beauty and wellbeing. Volumes sparked 4.2% and prices 0.6%. Operating profits were 2.6% higher at �4.9bn.

As a result, the blue chip now expects underlying sales in the second half to rise by between 4% and 5%, led by pricing, with full-year sales growth of between 4% and 6%.

Insurer Admiral was lifted by an upgrade to 'buy' from 'neutral' at Citi, which opened a 'positive catalyst watch' on the shares.

GSK shot up as it unveiled sweeping cost-saving plans as part of moves to ramp up research and development, including a �400m investment in the UK. The update came as GSK posted above-forecast second-quarter numbers. Turnover rose 5% to �8.41bn, ahead of consensus for �8.24bn, while core earnings per share were 9% stronger at 50.5p. Analysts had been expecting EPS closer to 47.1p.

On the downside, Barclays slumped despite delivering a better-than-expected 17% jump in half-year profits driven by higher income in its global markets division and investment banking fees.

Pre-tax profit for the six months to 30 June came in at �6bn, beating forecasts of �5.94bn, while group income increased 11% to �16.5bn boosted by higher structural hedge income and a one-off �225m gain from the sale of the American Airlines credit card portfolio. Barclays also announced a �1bn share buyback.

Other banks followed suit, with NatWest, Standard Chartered and Lloyds also lower.

Streeter said: "Barclays results may have surpassed expectations, boosted by a revival in dealmaking, stronger investment banking activity and resilient consumers, but investors have a glass-half-empty view, unnerved about bad debt provision growing.

"There are also likely to be concerns about whether the bank can keep riding this investment wave or whether revenues could become choppier ahead."

Market Movers

FTSE 100 (UKX) 10,871.02 0.83%

FTSE 250 (MCX) 24,004.78 0.45%

techMARK (TASX) 6,172.14 1.15%

FTSE 100 - Risers

Croda International (CRDA) 3,160.00p 8.03%

Unilever (ULVR) 4,998.00p 8.02%

Experian (EXPN) 2,981.00p 6.31%

Compass Group 11 (CPG) 32.85p 5.90%

Relx plc (REL) 2,832.00p 5.59%

The Sage Group (SGE) 939.80p 5.50%

Diageo (DGE) 1,672.00p 5.09%

Admiral Group (ADM) 3,766.00p 4.90%

Burberry Group (BRBY) 1,140.00p 4.68%

Pearson (PSON) 1,310.00p 4.05%

FTSE 100 - Fallers

Barclays (BARC) 505.00p -4.79%

Centrica (CNA) 155.20p -2.88%

Lion Finance Group (BGEO) 11,440.00p -2.80%

Diploma (DPLM) 7,420.00p -2.75%

Glencore (GLEN) 506.50p -2.43%

NATWEST GROUP (NWG) 664.80p -2.35%

Prudential (PRU) 1,076.50p -2.00%

Weir Group (WEIR) 2,524.00p -1.94%

Standard Chartered (STAN) 2,097.00p -1.83%

BP (BP.) 525.70p -1.61%

FTSE 250 - Risers

Coats Group (COA) 84.55p 9.03%

Hays (HAS) 64.50p 8.86%

WPP (WPP) 318.50p 8.15%

SSP Group (SSPG) 206.60p 6.22%

Kainos Group (KNOS) 901.00p 6.12%

Michael Page (PAGE) 194.40p 5.42%

B&M European Value Retail (BME) 229.40p 4.75%

Mony Group (MONY) 206.40p 4.08%

Discoverie Group (DSCV) 792.00p 4.07%

Victrex plc (VCT) 796.00p 4.05%

FTSE 250 - Fallers

Ceres Power Holdings (CWR) 316.80p -13.87%

Raspberry PI Holdings (RPI) 636.00p -5.78%

Vesuvius (VSVS) 372.00p -5.58%

Harbour Energy (HBR) 230.20p -4.72%

Keller Group (KLR) 3,096.00p -4.15%

Pacific Horizon Inv Trust (PHI) 1,014.00p -3.98%

Jupiter Fund Management (JUP) 159.80p -3.97%

Ithaca Energy (ITH) 228.20p -3.96%

Bridgepoint Group (Reg S) (BPT) 320.60p -3.67%

XP Power Ltd. (DI) (XPP) 1,602.00p -3.49%