LONDON: London’s FTSE 100 logged its first monthly gain in three months, edging up on Friday due to a boost from AstraZeneca, with investors welcoming a budget that was softer than expected on taxes. The blue-chip FTSE 100 index ended about 0.1 percent higher at 10,729.78 points, rising over 1 percent in October.
The midcap FTSE 250 slipped nearly 1 percent on the day. Here are more details: AstraZeneca jumped 7 percent in its best day in a year after the Anglo-Swedish drugmaker announced a restructuring drive that will likely save USD1.5 billion and help achieve long-term ambitions, including investing in new drug pipelines.
The broader pharma sector gained 5.1 percent, its biggest monthly gain since February.
Banks weighed most on the index on Friday after NatWest lost nearly 9 percent following a weaker-than-expected outlook for interest income. Precious and industrial metal miners lost 5.3 percent and 2.9 percent, respectively, tracking declines in gold and copper.
BP rose 0.5 percent after posting a record quarterly net profit.
Earlier this week, finance minister John Healey’s first budget raised taxes on banks and gambling firms by less than expected, sparking a rally in the stocks.
Aerospace and defence firms were among the best performers this week after Healey said that ‘reprioritisation’ in other departments would fund the government’s defence plan.
Consumer staples stocks rose on the day, with British American Tobacco and Unilever up 1.7 percent and 2.1 percent.
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.
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