London's FTSE 100 rose on Thursday, led by commodity-linked stocks, while investors awaited a key Bank of England policy decision amid expectations of it becoming the first major central bank to hike rates since the pandemic.
The central bank is due to make its announcement at 1200 GMT against the backdrop of soaring prices and supply-chain problems. Equity markets have fully priced in an increase in the Bank Rate to 0.25% from 0.1%, while economists remain split.
The benchmark FTSE 100 index gained 0.3% by 0820 GMT, with miner Glencore, oil major Royal Dutch Shell and telecommunications company BT Group among the best performers.
BT Group added 3.7% after confirming its outlook for this year while reporting a 3% decline in first-half revenue.
The pound weakened as currency markets awaited the BoE's knife-edge decision, further boosting the export-oriented FTSE 100 index. The domestically focussed mid-cap index advanced 0.4%.
Britain's second largest supermarket grocer, Sainsbury's , fell 3.1% due to uncertainty around its supply chains despite reporting a 23% rise in first-half profit.
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