London’s FTSE 100 was up 1% at 7,623.54 in afternoon trade on Friday.
Irish building materials group CRH was the standout gainer on the index.
Banks Standard Chartered and Barclays were also higher amid expectations of faster rate hikes.
On the downside, Intertek fell after HSBC downgraded its recommendation on shares of the inspection, product testing and certification group, slashing the price target to 5,700p from 6,500p.
“Whilst Intertek’s medium-term prospects are attractive, we think that H2 demand for Trade division might be negatively impacted by higher petrochemical prices, and we downgrade Intertek to ‘hold’ (from ‘buy’),” the bank said.
“We think the risk-reward balance for Intertek is less attractive compared to other opportunities in the sector.”
FTSE 100 – Risers
CRH (CDI) (CRH) 3,012.50p 3.50%
Anglo American (AAL) 4,105.00p 3.19%
Shell (SHEL) 2,146.25p 2.89%
Standard Chartered (STAN) 508.40p 2.83%
Barclays (BARC) 144.48p 2.77%
Abrdn (ABDN) 207.80p 2.36%
Prudential (PRU) 1,108.50p 2.17%
Smiths Group (SMIN) 1,404.50p 2.11%
Aveva Group (AVV) 2,449.00p 2.04%
Kingfisher (KGF) 257.70p 2.02%
FTSE 100 – Fallers
Dechra Pharmaceuticals (DPH) 4,146.00p -2.95%
Intertek Group (ITRK) 5,180.00p -2.52%
Spirax-Sarco Engineering (SPX) 12,735.00p -2.00%
Halma (HLMA) 2,526.00p -1.48%
SEGRO (SGRO) 1,370.00p -1.37%
Severn Trent (SVT) 3,132.00p -1.29%
InterContinental Hotels Group (IHG) 4,906.00p -1.15%
Tesco (TSCO) 269.80p -1.06%
Auto Trader Group (AUTO) 642.80p -1.02%
Experian (EXPN) 2,891.00p -0.99%
