FTSE closes up 0.3% on government plan to invest 10 billion pounds in affordable housing

Macro
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Summary · why it matters

British stocks closed higher on Tuesday, with the FTSE 100 index ending at 10,886.16 points, up 31.84 points or 0.29%, supported by the UK government's announcement of a 10 billion pound ($13.6 billion) plan to build affordable housing for renters, particularly in London. About 60% of the homes built with government funds will be social housing, which lifted homebuilder stocks by 2.5%. Vistry shares surged 16.3% after receiving an initial 350 million pounds ($477.19 million) to build more than 3,000 affordable homes. Meanwhile, mining stocks such as Glencore and Anglo American rose about 2% on higher copper prices, and Melrose Industries jumped 10.4% after setting a target to resume full production at its Garden Grove plant on September 28. Next shares gained 2.4% after Citigroup upgraded its recommendation to "buy." However, BP and Shell shares slipped slightly as oil prices fell more than 3%. Investors are watching Nvidia's earnings on Wednesday and comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole meeting on Friday.

Impact on stocks 7

Consumer Discretionary▲ · 2 stocks
Vistry Group PLC
VTY
▲ PositiveDemandrelevance

Received initial 350 million pounds to build over 3,000 affordable homes.

Next PLC
NXT
▲ PositiveCapitalrelevance

Citigroup upgraded Next to 'buy'.

Critical Materials & Supply Chain▲ · 2 stocks
Glencore PLC
GLEN
▲ PositiveDemandrelevance

Higher copper prices lift mining stocks like Glencore.

Energy Transition & Power Demand▼ · 2 stocks
BP PLC
BP
▼ NegativeSupplyrelevance

Oil prices fell more than 3%, pressuring BP shares.

Shell plc
SHEL
▼ NegativeSupplyrelevance

Oil prices fell more than 3%, negatively impacting Shell.

Aerospace & Aviation▲ · 1 stocks
Melrose Industries PLC
MRO
▲ PositiveTechnologyrelevance

Melrose set a target to resume full production at its Garden Grove plant.

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