- FTSE 100 up 0.2%, FTSE 250 dips
- Segro gains on strong results
- Precious metal miners track lower gold price
OCT 21 (Reuters) - London's FTSE 100 rose for a second consecutive day on Tuesday, led by gains in warehousing group Segro and HSBC, as investors looked ahead to the domestic inflation report due later in the week.
Heavyweight HSBC rose 2% after hiring banking veteran and former NatWest executive David Lindberg to become the CEO of its UK business. Its shares powered a 1.2% rise in the banks index.
Segro reported improved rent signing in the third quarter, sending its shares up 2.8% to become the best performer in FTSE 100.
The benchmark FTSE 100 was up 0.2% at 9,422 points as of 1038 GMT, while the domestically focused FTSE 250 was little changed.
UK's borrowing for the April to September period came in at its highest level on record, excluding during the height of the coronavirus pandemic. This data adds further pressure on finance minister Rachel Reeves as she prepares next month's budget.
The data also comes ahead of UK's price report on Wednesday, which is likely to show inflation rate hit 4% in September, the highest among the world's big rich economies and double the Bank of England's target.
Governor Andrew Bailey and his colleagues say the outlook for inflation is still unclear, making it hard to predict when interest rates are likely to be cut again.
Precious metal miners slid 4.9% to become the worst performing sector of the day as gold's rally stalled.
Endeavour Mining and Fresnillo fell 4% and 3.5%, respectively, and led losses in the FTSE 100.
Among individual stocks, Serica Energy advanced 4.7% after the oil company resumed production at Triton offloading vessel following a temporary shutdown.
Meanwhile, Shawbrook is targeting a market cap of up to 2 billion pounds ($2.68 billion) in its London IPO, signalling a strong investor appetite for the lender's listing.
Reporting by Medha Singh and Avinash P; Editing by Saumyadeb Chakrabarty
Source: Reuters