FX.co ★ FTSE 100 Rises for 2nd Session

On Tuesday, the FTSE 100 continued its upward trajectory, building on a 0.7% gain from Monday. This boost was largely attributed to robust corporate earnings, which improved market sentiment. Smith & Nephew experienced a significant rise, soaring over 15%, following their outperformance in first-half revenue and profit projections. The company also announced a $500 million buyback, with all divisions showing growth. Analysts commended the improvements in margins and clarified future prospects, while anticipating a minor tariff impact in 2025. Fresnillo saw a 6% increase after it raised its gold production forecast. Meanwhile, Diageo's shares rose by more than 4%, despite reporting flat earnings and undergoing a CEO transition. Investors were buoyed by the company's enhanced cost-saving targets and optimistic outlook for growth in the second half. The drinks company projected organic profit expansion in the mid-single digits, expected to be more pronounced towards late 2025. BP shares climbed 2.6% following a strong second-quarter profit, attributed to improved refining margins and successful oil trading. The company initiated a $750 million buyback and indicated a slight reduction in upstream output in the third quarter as it continues to realign its focus towards fossil fuels.