London Stocks Soar Amidst Optimism Over EU-U.S. Trade Agreement
London's stock markets experienced gains, with the FTSE 100 reaching a record high due to optimistic corporate earnings and potential EU-U.S. trade talks. Notable gains were seen in sectors like personal care and healthcare, while precious metals fell. Companies like BT Group and ITV also witnessed notable stock advances.
London's stock markets made impressive gains on Thursday, as optimism surrounding a potential EU-U.S. trade agreement and favorable corporate earnings buoyed major indexes. The internationally-oriented FTSE 100 rose 1%, touching a new intraday peak, while the FTSE 250 gained 0.7%.
The personal care and grocery sectors led the surge, climbing 2.5%, driven by Reckitt's 10% rise following an upgraded revenue forecast. Healthcare stocks, including AstraZeneca and GSK, experienced a notable uptick, benefiting from positive drug trial outcomes and regulatory developments.
Meanwhile, retail stocks surged, headlined by Howden Joinery's 11.1% boost in profits. On the downside, precious metal miners declined, tracking a dip in gold prices. Further, the Bank of England's forthcoming rate decision is a focal point as job cuts in the UK heighten sensitivity to potential interest rate changes.
(With inputs from agencies.)
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