Standard Chartered soars (Il Sole 24 Ore Radiocor) - London, 02 May - UK shares closed higher boosted by strong corporate earnings as investors digested yesterday's policy decision by the Federal Reserve.

The US central bank kept rates unchanged and said a rate hike was improbable amid persistent inflationary pressure.

In a press conference after the Fed decision, chair Jerome Powell said he did not think the next policy move would be a hike, calming growing concern rates might actually have to increase if price pressures are to be rooted out. 'I'd say it's unlikely,' he said.

Standard Chartered results boosted the blue-chip index. The lender said that first quarter earnings and income exceed analyst estimates. Its shares closed 8.78% higher closing at 756.00 pence.

Peer HSBC rose 1.08% at 705.00 pence.

Shell meanwhile gained 1.92% at 2,873.00 pence on better than expected earnings but gains were limited by concerns on future oil prices.

BP added 1.26% at 515.80 pence.

On the data front, house prices in the UK fell a seasonally adjusted 0.4% in April from March when they fell 0.2%, according to data released by building society Nationwide.

Year on year, house prices rose an unadjusted 0.6%, accelerating from the 1.6% increase seen in the earlier month.

The London FTSE 100 closed up 0.63% at 8,172.15 points.

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(RADIOCOR) 02-05-24 18:33:57 (0587) 5 NNNN