FTSE 100 logs first monthly gain in three; AstraZeneca jumps
EWU•The FTSE 100 rose about 0.1% to 10,729.78 on Friday and gained more than 1% in October, its first monthly rise in three months. AstraZeneca jumped 7% after announcing a restructuring drive expected to save $1.5 billion.
1. Index gains in October
The FTSE 100 ended about 0.1% higher at 10,729.78 points, rising more than 1% in October for its first monthly gain in three months. The FTSE 250 slipped nearly 1% on Friday. Investors welcomed a budget that raised taxes by less than expected.
2. AstraZeneca leads pharma
AstraZeneca jumped 7% in its best day in a year after announcing a restructuring drive expected to save $1.5 billion and support its long-term ambitions, including investment in new drug pipelines. The broader pharmaceutical sector gained 5.1% for the month, its biggest monthly gain since February.
3. Banks and commodities weigh
NatWest lost nearly 9% after giving a weaker-than-expected outlook for interest income. Precious and industrial metal miners fell 5.3% and 2.9%, respectively, tracking declines in gold and copper. BP rose 0.5% after posting a record quarterly net profit, while British American Tobacco and Unilever gained 1.7% and 2.1%.
