UK's FTSE 100 rises on healthcare, mining gains
Reuters
Published Oct 25, 2023 08:34
Updated Oct 25, 2023 17:40
By Khushi Singh and Bansari Mayur Kamdar
(Reuters) -Britain's FTSE 100 rose on Wednesday led by gains in industrial metal miners and pharmaceutical heavyweights, while Dettol-maker Reckitt fell after it reported weak quarterly like-for-like sales.
The benchmark FTSE 100 index closed 0.3% higher.
Industrial metal miners added 1.4% and were the top sectoral gainers, as copper prices rose on China's decision to roll out fresh stimulus measures.
Drugmakers AstraZeneca (NASDAQ:AZN) and GSK gained 1.0% and 0.9%, respectively, further boosting the index.
Reckitt lost 4% after it missed third-quarter like-for-like sales expectations as volumes declined.
"News of a 1 billion pound ($1.21 billion) share buyback is not enough to blind shareholders to an uncertain start for new Reckitt boss Kris Licht with like-for-like sales growth coming in slightly below expectations and its Nutrition business having a rough quarter," said AJ Bell head of financial analysis Danni Hewson.
The personal care, drug and grocery stores index fell 0.8%.
Banks rose 0.4%, with Lloyds Banking Group (LON:LLOY) gaining 2.2% after it reported a third-quarter profit that met forecasts and maintained its guidance for full-year performance.
The mid-cap index FTSE 250 shed 0.7% briefly hitting a one-year low.
Plastic and packaging component supplier Essentra eased 2.7% on tempering its annual operating profit outlook, citing destocking pressures in North America and slow recovery in China.
Defence company BAE Systems (LON:BAES) gained 1.7%.
($1 = 0.8242 pounds)
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Written By: Reuters
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