U.K. stocks rose modestly on Tuesday, with shares of Flutter Entertainment climbing after results, along with Watches of Switzerland.
The FTSE 100 index
UKX,
+0.32%
was modestly higher at 7,139.05, the third-straight winning session, but weighed by a fall in heavily weighted banking giant HSBC
HSBC,
-0.09%
HSBA,
-0.69%,
which fell 1.2%. The smaller FTSE 250 index
MCX,
+0.49%
gained 0.4% to 23,561.
Bookmaking group Flutter Entertainment
FLTR,
+8.45%
on Tuesday reported that its pretax profit more than tripled in the first half of the year, and performance exceeded its own expectations, sending shares up 9%.
The owner of Paddy Power Betfair is benefiting from a “return to a more normal sporting calendar after significant pandemic-linked disruption,” said AJ Bell financial analyst Danni Hewson, in a note to clients.
“Flutter’s U.S. business continues to perform very strongly – benefiting both from the opening up of sports betting in new states and from the successful fantasy sports franchise FanDuel – though the latter is unlikely to be profitable for some time yet.
“A potential IPO of FanDuel has been stalled for the time being given the departure of its CEO – but the strong performance may in the first half well revive the clamor for a separate listing of the business,” said Hewson.
InterContinental Hotels Group
IHG,
-0.85%
IHG,
-0.36%
reported that it swung to a profit in the first half of the year, as demand improved from a year earlier. The hotel chain reported a net profit of $48 million in the six months ended June 30, swinging from a $210 million loss a year earlier, when it was hard hit by pandemic travel restrictions.
Among smaller companies, shares in Watches of Switzerland
WOSG,
+3.52%
reported strong results for its fiscal first quarter and revenue rising even versus pre-pandemic levels as its U.S. presence grew. The company also reiterated guidance for 2022.
