UK Stocks Climb as Midcaps Hit 10-Month High

The UK stock market saw an uptick on Thursday as main indices climbed, bolstered by midcaps reaching their highest point in ten months. This rise occurred as investors assessed corporate results and interest rate trajectories in light of softening consumer spending trends.

Oil giant Shell denied allegations of pursuing acquisition talks with BP, resulting in slight gains for both companies. Meanwhile, investor attention globally focused on U.S. interest rate directions after reports suggested President Trump might select the next Federal Reserve chief ahead of schedule, prompting speculations of potential rate cuts.

The FTSE midcap index surged 0.8%, its highest close since August, driven by domestically oriented companies largely shielded from global trade tensions. While Inchcape saw a gain of 5.9% due to effective cost-cutting, Moonpig and Next 15 Group suffered significant drops due to forecasts of sluggish growth and profit losses, respectively.

(With inputs from agencies.)