By Pranav Kashyap
(Reuters) – London’s main stock indexes rose on Thursday, buoyed by upbeat corporate earnings and key economic data released earlier in the day, which bolstered bets of more Bank of England rate cuts.
The benchmark FTSE 100 was up 0.6% by 1000 GMT, while the domestically-focussed FTSE 250 rose 0.2%.
Heavyweight Unilever gained 3.3% after the consumer goods giant beat third-quarter underlying sales estimates.
The stock also boosted the Personal Care sector, which was the top sectoral gainer.
An 3.8% jump in Anglo American lifted the industrial metal miners’ sector after the global miner maintained its copper and diamond production forecasts.
The oil and gas sector also supported the benchmark, rising 1.3% as oil prices jumped on heightened supply concerns due to escalating Middle East tensions. [O/R]
Separately, British businesses reported their slowest growth in 11 months in October, the preliminary flash purchasing managers’ index showed. It fell to 51.7 in October from 52.6 a month earlier.
A Reuters poll of economists had expected a reading of 52.6.
Markets have now fully priced in a rate cut by the BoE at its November and December meetings.
A speech by BoE Monetary Policy Committee member Catherine Mann at 1300 GMT is scheduled, with markets looking out for clues on further rate cuts.
Among notable stock moves, Barclays rose 3.5% after the British bank reported a forecast-beating 18% rise in third-quarter profit.
IT services provider Softcat jumped nearly 12% after it beat expectations for annual profit.
Bucking the trend, Abrdn fell 8.6% after the fund manager reported deeper-than-expected outflows of client funds.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Sonia Cheema)
