The blue-chip FTSE 100 index rose 0.3% to 10,782.19 points by 1004 GMT, while the midcap FTSE 250 also climbed 0.3%
International News via Reuters:
London’s blue-chip index rose on Thursday, supported by gains in the energy sector, while investors awaited crucial inflation data in the US to gauge the Federal Reserve’s monetary policy.
The blue-chip FTSE 100 index rose 0.3% to 10,782.19 points by 1004 GMT, while the midcap FTSE 250 also climbed 0.3%.
• Shell rose 3.2%, leading gains on the FTSE 100 after the oil major reported its highest quarterly profit since 2022, and increased its share buyback program
• Energy stocks outperformed the broader market, with the sector climbing nearly 2.8% despite a dip in oil prices
• Conversely, Haleon slid 15.6%, set for its biggest one-day fall since its IPO in 2022 after the consumer health company cut its organic revenue growth forecast
• Haleon’s slide put the pharma sector on track for another session of sharp declines, after GSK’s results on Wednesday disappointed
• Declines in pharma and banks limited the overall rise. Banks were dragged down by a 4.3% fall in Lloyds Banking Group after it reported muted third-quarter results
• Finance minister John Healey’s less-than-feared tax hikes in his budget on banks and gambling firms had sparked a rally in their stocks on Wednesday
• British defence firms BAE Systems and Rolls-Royce gained 2.6% and 1.1% respectively, extending gains after Healey said “reprioritisation” would fill a £4.7 billion ($6.3 billion) gap in Britain’s Defence Investment Plan
• The US Federal Reserve held interest rates steady on Wednesday, bringing Thursday’s personal consumption expenditure figures under scrutiny
• National Grid rose 1.1% after the power grid operator said it plans to invest about £400 million ($531 million) to extend the life of the electricity link between Britain and France until at least 2050
• WPP gained 2.1% after the ad group said its turnaround plan was on track after reporting a smaller decline in third-quarter like-for-like revenue
Reporting by Darshan Kumar and Purvi Agarwal in Bengaluru; Editing by Sahal Muhammed
