FTSE 100 set for monthly gains; AstraZeneca rises after results
EWU•The FTSE 100 rose 0.1% and was on track for its first monthly gain in three months, up 1.3% for October. AstraZeneca gained 3.6% after announcing a restructuring drive expected to save $1.5 billion.
1. London shares rise
The FTSE 100 rose 0.1% to 10,732.58 points by 0941 GMT on Friday, adding to a 1.3% monthly gain. The FTSE 250 slipped 0.6%.
2. Stocks and sectors
AstraZeneca rose 3.6% after announcing a restructuring drive that will likely save $1.5 billion and support its long-term ambitions, including investment in new drug pipelines. The broader pharmaceutical sector gained 3%, while NatWest fell 7.9% after reporting disappointing third-quarter profit. BP edged higher after posting a record quarterly net profit.
3. Budget and commodities
Investors welcomed a budget with tax increases on banks and gambling firms that were less severe than expected. Oil prices rose about 2%, with Brent crude futures above $117 a barrel; precious metal miners fell 3.4% and industrial metal miners lost 1.3%.
