Top Stories
Top Stories

UPDATE 1-FTSE 100 buoyed by HSBC profit beat, recovering miners

Muvija M and Shashwat Awasthi

* FTSE 100 up 0.5 pct

* FTSE 250 down 0.2 pct

* HSBC, miners boost FTSE 100

* IHG a weak spot on main index

* Intu slumps after poor forecast (Adds company news items, updates share prices)

May 3 (Reuters) - Britain's top share index gained on Friday, following three sessions of losses, as a profit beat lifted HSBC and miners jumped on a report that Tesla sees a global shortage of copper.

The FTSE 100 was up 0.5 percent at 0837 GMT, though the FTSE 250 was down 0.2 percent, pressured by Intu Properties after the company cut its rental income forecast.

HSBC was the biggest support to the main bourse, rising 2.5 percent - its biggest one-day gain since November - as its profit topped analysts' expectations thanks to a surge in income from its core Asian business.

Miners snapped a seven-day losing streak with a 1.1 percent jump as metal prices picked up after sources told Reuters that electric carmaker Tesla saw shortages of nickel, copper and other battery minerals down the road.

All sectors were in positive territory on the FTSE 100 by 0847 GMT, though weakness in oil majors on swelling U.S. inventories and concerns of global economic health still left the index on course for its steepest weekly loss in two months.

Midcaps missed Friday's rally, however, as Intu Properties skidded 8.3 percent to a record low after cutting its rental income forecast, blaming retail collapses and a slowdown in new lettings due to Brexit uncertainties.

Rivals Hammerson and British Land also suffered, losing nearly 1.5 percent and 0.5 percent respectively.

Another notable faller was medical products maker ConvaTec , which shed 3.4 percent after it reported lower quarterly revenue due to wilting demand in its biggest market, the Americas.

However, sub-prime lender and takeover target Provident Financial added 2 percent after an upbeat first quarter, and drugmaker Indivior rose 4.2 percent after quarterly results in the previous session.

A weak spot on the blue-chip index was InterContinental Hotels Group, whose shares slipped 3.5 percent and were on course for their worst day in nearly a year after the company flagged weakness in China. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Mark Heinrich and Mark Potter)