FX.co ★ FTSE 100 Rises on Tuesday

The FTSE 100 gained 0.3% on Tuesday, driven by strong advances in banking and mining stocks, in part reflecting a catch-up move after the Bank Holiday. Banks rose across the board, with HSBC up 1.1%, Lloyds Banking Group 1.8%, Barclays 1.6%, NatWest 2.1% and Standard Chartered 1.8%. Miners also rallied, as Rio Tinto climbed 2%, Glencore 3.2%, Anglo American 2.4%, Antofagasta 3.6%, Fresnillo 1.3% and Endeavour Mining 3.3%. Kingfisher added more than 2% following a trading update.

Offsetting some of these gains, energy majors were a drag on the index, with Shell and BP among the heaviest weights. BP fell more than 4% after the board moved to remove chair Albert Manifold with immediate effect, following governance and conduct concerns. On the data front, figures from the British Retail Consortium showed UK shop price inflation rising to 1.2% year-on-year in May, while food inflation eased slightly to 2.7%.