FTSE 100 Hits New High Amid Healthcare Surge and U.S. Political Turmoil
London's FTSE 100 climbed to a new high, driven by robust gains in healthcare stocks, while investors weighed the impact of the U.S. government shutdown. AstraZeneca, Hikma, and GSK led the rise, countering a 0.2% drop in the midcap FTSE 250 amid U.S. economic uncertainties.
London's FTSE 100 surged to a fresh intraday high on Wednesday, primarily fueled by significant advancements in the healthcare sector. Investors, however, remained cautious as they evaluated the effects of the U.S. government shutdown on key economic reports.
The FTSE 100 jumped by 0.7% by 0950 GMT, following a record-breaking close in the previous session, rounding off the third quarter with an approximate 7% gain. Healthcare stocks, with AstraZeneca, Hikma, and GSK at the forefront, outperformed, mirroring gains by their European counterparts.
Despite heightened performance in healthcare, global markets showed prudence due to the U.S. government shutdown, affecting federal operations and causing uncertainty about the Federal Reserve's monetary policies. Meanwhile, the FTSE 250 saw a 0.2% decrease, influenced by Tate & Lyle's warning of decreased profits and revenue, with its shares plunging by 9.7%, marking their lowest since 2009.
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