AGL 38.75 Decreased By ▼ -0.75 (-1.9%)
AIRLINK 194.29 Increased By ▲ 17.66 (10%)
BOP 10.65 Increased By ▲ 0.56 (5.55%)
CNERGY 6.99 Increased By ▲ 0.12 (1.75%)
DCL 9.85 Decreased By ▼ -0.08 (-0.81%)
DFML 44.11 Increased By ▲ 1.37 (3.21%)
DGKC 96.90 Decreased By ▼ -1.27 (-1.29%)
FCCL 38.50 Decreased By ▼ -0.81 (-2.06%)
FFBL 81.70 Decreased By ▼ -0.16 (-0.2%)
FFL 14.29 Decreased By ▼ -0.10 (-0.69%)
HUBC 119.54 Decreased By ▼ -1.90 (-1.56%)
HUMNL 14.99 Decreased By ▼ -0.35 (-2.28%)
KEL 5.68 Increased By ▲ 0.02 (0.35%)
KOSM 8.28 Increased By ▲ 0.16 (1.97%)
MLCF 47.00 Decreased By ▼ -1.11 (-2.31%)
NBP 76.01 Increased By ▲ 0.19 (0.25%)
OGDC 195.70 Decreased By ▼ -1.71 (-0.87%)
PAEL 34.99 Increased By ▲ 2.61 (8.06%)
PIBTL 8.28 Increased By ▲ 0.13 (1.6%)
PPL 175.71 Increased By ▲ 0.21 (0.12%)
PRL 33.19 Decreased By ▼ -0.90 (-2.64%)
PTC 23.98 Increased By ▲ 1.64 (7.34%)
SEARL 102.00 Decreased By ▼ -1.20 (-1.16%)
TELE 9.02 Increased By ▲ 0.51 (5.99%)
TOMCL 34.90 Decreased By ▼ -0.13 (-0.37%)
TPLP 11.19 Decreased By ▼ -0.07 (-0.62%)
TREET 18.83 Decreased By ▼ -0.32 (-1.67%)
TRG 60.80 Increased By ▲ 2.24 (3.83%)
UNITY 34.01 Decreased By ▼ -0.85 (-2.44%)
WTL 1.69 Increased By ▲ 0.10 (6.29%)
BR100 11,711 Increased By 59.7 (0.51%)
BR30 35,454 Decreased By -24.1 (-0.07%)
KSE100 109,038 Increased By 799 (0.74%)
KSE30 33,921 Increased By 227 (0.67%)

LONDON: Precious metal mining stocks lifted London’s blue-chip index on Friday as investors raised their bets on a hefty US interest rate cut next week, but gains were limited as a strong pound weighed on export-oriented companies.

The FTSE 100 edged up 0.4%, while the mid-cap FTSE 250 rose 1%. Both stock indexes registered a weekly advance, led by an over 19.5% rise in precious metal mining stocks over the week.

The index climbed over 6.8% to its highest level in over 15 months. Gold miners Fresnillo and Endeavour firmed 5.7% and 10.5%, respectively, as gold scaled a record high against a weaker greenback.

Gold prices rose as optimism about the Federal Reserve cutting US interest rates increased, driven by fund inflows and a weaker dollar.

Beverages were the top sectoral decliners, down 1.2% after the Italian spirits group Campari warned about a “very soft” environment for the industry in the current quarter. UK peer Diageo slipped 1.4%.

Sterling touched a one-week high against the dollar after the Wall Street Journal and Financial Times reported it might be a close call on whether the Fed cuts rates by 25 basis points or by 50 bps at its meeting next Wednesday. That prompted traders to boost their expectations of a steeper 50 bps rate cut to 43% from just 14% a day earlier, CME’s FedWatch tool showed.

Meanwhile, the British public’s expectations for inflation over the coming year dropped to their lowest in three years in August, likely reassuring policymakers ahead of next week’s interest rate decision.

The Bank of England is expected to keep rates on hold in its upcoming meeting, according to a Reuters poll of economists.

Among other stocks, Vodafone rose 1.1% on expectations that the telecom provider’s merger with Three UK could win regulatory approval if they can guarantee the $19 billion deal will be good for consumers.

Comments

Comments are closed.