StockMarketWire.com - UK stocks trade lower on Tuesday, weighed down by disappointing earnings updates from bellwether companies including lender HSBC and miner BHP.

At 11:33, the benchmark FTSE 100 index was down 58.7 points, or 0.79%, at 7,374.51.

LARGE AND MID CAP RISERS AND FALLERS

HBSC dropped 6.2% to 554.1p after the Asia-focused bank posted a worse-than-expected 33% fall in annual profit and said it would cut around 35,000 jobs as part of a major strategy overhaul.

BHP reversed 3% to £16.41, even as it reported a rise in first-half profit and said its production and cost performance was tracking in line with its full-year guidance.

The mining titan, however, also warned that it may have to cut its commodity demand expectations if the coronavirus outbreak was not contained by the March quarter.

Also in the resources sector, miner and commodities trader Glencore fell 4.1% to 226.9p after it reported a decline in earnings pinned on lower commodities prices and trade uncertainty.

Rio Tinto softened 1.5% to £41.50, having submitted a feasibility study to authorities in Mongolia for the construction of a $924m power plant to support its proposed Oyu Tolgoi copper mine there.

Elsewhere, InterContinental Hotels rose 2.8% to £49.64 as it reported a rise in annual profit on higher sales.

The company's revenue-per-room rate, however, fell amid economic and political uncertainty that hit its key US and Chinese markets.

Gambling company Flutter Entertainment firmed 1.7% to £86.70 after announcing that Australia's competition regular had granted informal approval for its $6bn acquisition of online poker business The Stars Group.

SMALL CAP RISERS AND FALLERS

Fishing tackle retailer Angling Direct slumped 10.2% to 61.5p after warning on profits as winter flooding hurt fishing activity.

Underwater cable protection systems provider Tekmar sank 22.7% to 119p after it warned of a flat annual earnings performance following delays and supply issues caused by China's coronavirus response.

Window, door and ventilation system manufacturer Titon tumbled 20.5% to 87.5p on a warning that it expected to post a full-year underlying profit 'materially below' its previous expectations.

Live entertainment communications group Reach4entertainment Enterprises jumped 17.1% to 1.02p as it guided for annual earnings and revenue 'significantly ahead' of market expectations.


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