6 days ago
FTSE 100 hits record high on positive corporate news
July 24 (Reuters) - London's main stock indexes rose on Thursday, with the blue-chip index hitting an all-time intraday peak, boosted by upbeat corporate results and optimism over a potential EU-U.S. trade agreement.
The internationally-oriented FTSE 100 (.FTSE), opens new tab rose 1% as of 0942 GMT, after hitting a record intraday high of 9,158.21 points earlier in the session, while the midcap FTSE 250 index (.FTMC), opens new tab rose 0.7%.
The personal care and grocery stores index (.FTNMX452010), opens new tab led sectoral gains, up 2.5%, boosted by Reckitt (RKT.L), opens new tab, up 10%, after the consumer goods company raised its annual revenue forecast.
Healthcare stocks (.FTNMX201030), opens new tab rose 1.7% with AstraZeneca (AZN.L), opens new tab up 2% after the drugmaker's rare immune disorder drug succeeded in an advanced trial.
GSK (GSK.L), opens new tab added 1.1% after the U.S. Food and Drug Administration on Wednesday extended its review of the drugmaker's blood cancer drug.
Retail stocks (.FTNMX404010), opens new tab advanced 2.2%, led by Howden Joinery (HWDN.L), opens new tab, which soared 11.1% to top the FTSE 100, after reporting a rise in first-half profit.
Conversely, precious metal miners (.FTNMX551030), opens new tab fell 2.3%, tracking a fall in gold prices. Hochschild Mining (HOCM.L), opens new tab fell 4.5%, Endeavour Mining (EDV.L), opens new tab fell 2.2%, and Fresnillo (FRES.L), opens new tab fell 1.6%.
In company news, BT Group (BT.L), opens new tab advanced 7.6% after the telecom firm named Patricia Cobian as its first female chief financial officer.
Vodafone (VOD.L), opens new tab gained 4.5% after reporting a 5.5% rise in organic service revenue in the first quarter.
ITV (ITV.L), opens new tab surged 9.9% after the broadcaster's half-year results beat forecasts.
Airtel Africa (AAF.L), opens new tab soared 7.7% after posting higher quarterly results.
AJ Bell (AJBA.L), opens new tab gained 3.1% on third-quarter assets growth.
Meanwhile, two European diplomats said on Wednesday the European Union and the U.S. are edging toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions.
Additionally, British business activity grew only weakly in July and employers cut jobs at the fastest pace in five months, according to a survey that is likely to add to speculation about a Bank of England interest rate cut next month.
Traders are currently pricing in an 82.3% chance of a 25 basis point BoE cut next month, according to data compiled by LSEG.
