FTSE 100 rises on strong earnings, economic data
EWU•The FTSE 100 rose 0.3% to its highest close in nearly four weeks, while the FTSE 250 was nearly flat. Britain’s economy grew 0.7% in the third quarter, its fastest pace in 2-1/2 years.
1. Blue-chip index gains
The FTSE 100 climbed 0.3% on Thursday after positive earnings reports and strong economic growth data lifted sentiment. The FTSE 250 closed nearly flat. Burberry gained 8% after reporting second-quarter sales and profit above estimates; Rolls-Royce rose 2% after reaffirming its annual outlook and unveiling a £1.5 billion share buyback. B&M jumped 20.9% after saying annual profit may rise by up to 19.8%, and 3i Group rose 5.7% after launching a buyback programme worth up to £750 million.
2. Economic data and decliners
Britain’s economy grew 0.7% in the third quarter, its fastest pace in 2-1/2 years, supported by services activity and AI-related demand. The precious metal mining sector fell 4.7% as gold prices dropped close to 3%. Endeavour Mining fell 8.5% after saying full-year production was expected at the lower end of its guidance, while Dr Martens tumbled 15% after reporting a wider adjusted half-year loss and lower-than-expected revenue.
