A day after economic slowdown fears dragged the major British stocks to their sixth straight session of losses, UK equities stabilised on Tuesday, with some positive momentum from financial sectors and some excellent earnings announcements.

By 0712 GMT, the FTSE 100 had up 0.6 per cent, with shares in British bank HSBC up 2.6 per cent providing the biggest boost to the blue-chip index.

Following volatile crude prices, oil majors BP Plc and Shell Plc climbed 1.5 per cent and 0.8 per cent, respectively.


After finishing at its weakest level in more than three months on Monday, the domestically focused mid-cap FTSE 250 index gained 0.7 per cent. Paragon Banking increased by 4.7 per cent after raising its expectations for 2022 and indicating robust new lending growth.

FirstGroup jumped 1.2 per cent when the transportation company reported a higher yearly profit and restarted dividend payments, as passenger numbers on its buses increased after COVID-19 limitations were relaxed.

Crest Nicholson rose 6.1 per cent after projecting an adjusted profit before tax of between 135 and 140 million pounds for fiscal year 2022. In 2021, the housebuilder made an adjusted profit of 107.2 million pounds.