London’s FTSE 100 experienced a boost on Thursday, thanks to positive earnings reports from major companies such as Sainsbury’s and Shell. Investors also had their eyes on the Bank of England’s upcoming monetary policy decision. The internationally-focused FTSE 100 saw a 0.7% increase at 0808 GMT, while the mid-cap FTSE 250 rose 1% and was on track for a five-session winning streak.
Shell, the global energy major, gained 0.8% after announcing third-quarter profits in line with expectations and revealing a share buyback program of $3.5 billion over the next three months. This news helped the broader oil and gas index rise by 0.6%, with higher oil prices also supporting the gains.
Investors are eagerly awaiting the Bank of England’s monetary policy meeting, where it is widely expected that borrowing costs will remain at a 15-year high of 5.25%.
Supermarket group Sainsbury’s also saw a positive increase of 5.1% after forecasting full-year profit at the upper half of its previous guidance. This announcement was well-received by investors.
Medical equipment company Smith+ Nephew surpassed market expectations for third-quarter revenue due to strong demand for its medical products. In addition, the company appointed John Rogers, the former finance boss of ad group WPP, as its new chief financial officer. As a result, their stock jumped 4.2%, and the medical equipment and services index saw a climb of 3.7%, leading sectoral gains.
However, not all companies experienced positive results. Entain, the owner of Ladbrokes betting shops, saw shares slip by 5.1% after reporting a fall in online net gaming revenue for the third quarter.
Overall, London’s FTSE 100 displayed a positive trend, fueled by upbeat earnings reports from industry giants and the anticipation of the Bank of England’s monetary policy decision. The various sectors within the index experienced mixed results, with some companies surpassing expectations and others facing challenges. Investors will continue to monitor the market closely as the day progresses.
More detail via Investing.com UK here… ( Image via Investing.com UK )