LONDON: Britain’s commodity-heavy index rose on Tuesday, boosted by a surge in miners after upbeat China data, while gambling firm Entain logged its best performance in more than a year-and-a-half after reporting strong quarterly results.
Entain Plc surged 7.2% after the Ladbrokes owner reported higher quarterly net gaming revenues, helped by acquisitions and robust demand in its retail shops.
The FTSE 350 travel and leisure sector rose 2.2%, also boosted by easyJet Plc, which added 1.6% after the airline forecast 2023 profit above market expectations.
“One might imagine that in a weaker economic environment sectors like leisure would suffer,” said Richard Flax, chief investment officer at Moneyfarm.
“But there still seems to be decent pricing power in developed markets due to pent-up demand from COVID.” The FTSE 100 increased 0.4%, rising for the eighth straight day and clocking its longest run of gains in about 29 months. The mid-cap FTSE 250 was up 0.1%.
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