The blue-chip FTSE 100 index was 0.1% higher at 10,732.58 points by 0941 GMT, adding to the month’s gains at 1.3%
International News via Reuters:
London’s FTSE 100 looked on track to log its first monthly gain in three months, edging up on Friday as AstraZeneca rose, with investors welcoming a budget that was softer than expected on taxes.
The blue-chip FTSE 100 index was 0.1% higher at 10,732.58 points by 0941 GMT, adding to the month’s gains at 1.3%. The midcap FTSE 250 slipped 0.6%.
Here are more details:
• On the day, AstraZeneca rose 3.6%, after the Anglo-Swedish drug-maker announced a restructuring drive that will likely save $1.5 billion and help achieve long-term ambitions, including investing in new drug pipelines
• The broader pharma sector gained 3%, setting it up for its biggest monthly gain since February
• Banks weighed most on the index on the day, after NatWest lost 7.9% following disappointing third-quarter profit
• Precious and industrial metal miners lost 3.4% and 1.3%, respectively, tracking declines in gold and copper [GOL/] [MET/L]
• Oil prices rose about 2% on Friday, set for a fourth monthly gain, with Brent crude futures trading at over $117 a barrel [O/R]
• Energy rose 0.2%. BP was up marginally after it posted a record quarterly net profit
• Finance Minister John Healey’s first budget raised taxes on banks and gambling firms, which were less severe than expected, sparking a rally in the stocks on Wednesday
• Defence firms also rallied after Healey said that ‘reprioritisation’ in other departments would fund the government’s defence plan. Aerospace and defence firms are among the best performers this week
• Consumer staples stocks rose on the day, with British American Tobacco and Unilever up about 2%
• Earlier this month, data showed inflation rose more than expected in September, cementing the case for an interest rate hike by the Bank of England in November
Reporting by Darshan Kumar and Purvi Agarwal in Bengaluru; Editing by Harikrishnan Nair
