U.K. stocks rose modestly on Tuesday, with shares of Flutter Entertainment climbing after results, along with Watches of Switzerland.

The FTSE 100 index

was modestly higher at 7,139.05, the third-straight winning session, but weighed by a fall in heavily weighted banking giant HSBC

which fell 1.2%. The smaller FTSE 250 index

gained 0.4% to 23,561.

Bookmaking group Flutter Entertainment

on Tuesday reported that its pretax profit more than tripled in the first half of the year, and performance exceeded its own expectations, sending shares up 9%.

The owner of Paddy Power Betfair is benefiting from a “return to a more normal sporting calendar after significant pandemic-linked disruption,” said AJ Bell financial analyst Danni Hewson, in a note to clients.

“Flutter’s U.S. business continues to perform very strongly – benefiting both from the opening up of sports betting in new states and from the successful fantasy sports franchise FanDuel – though the latter is unlikely to be profitable for some time yet.

“A potential IPO of FanDuel has been stalled for the time being given the departure of its CEO – but the strong performance may in the first half well revive the clamor for a separate listing of the business,” said Hewson.

InterContinental Hotels Group


reported that it swung to a profit in the first half of the year, as demand improved from a year earlier. The hotel chain reported a net profit of $48 million in the six months ended June 30, swinging from a $210 million loss a year earlier, when it was hard hit by pandemic travel restrictions.

Among smaller companies, shares in Watches of Switzerland

reported strong results for its fiscal first quarter and revenue rising even versus pre-pandemic levels as its U.S. presence grew. The company also reiterated guidance for 2022.

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