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UK's FTSE 100 rises on healthcare, mining gains

Published 25/10/2023, 08:34
© Reuters. FILE PHOTO: Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File photo
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By Khushi Singh and Bansari Mayur Kamdar

(Reuters) -Britain's FTSE 100 rose on Wednesday led by gains in industrial metal miners and pharmaceutical heavyweights, while Dettol-maker Reckitt fell after it reported weak quarterly like-for-like sales.

The benchmark FTSE 100 index closed 0.3% higher.

Industrial metal miners added 1.4% and were the top sectoral gainers, as copper prices rose on China's decision to roll out fresh stimulus measures.

Drugmakers AstraZeneca (NASDAQ:AZN) and GSK gained 1.0% and 0.9%, respectively, further boosting the index.

Reckitt lost 4% after it missed third-quarter like-for-like sales expectations as volumes declined.

"News of a 1 billion pound ($1.21 billion) share buyback is not enough to blind shareholders to an uncertain start for new Reckitt boss Kris Licht with like-for-like sales growth coming in slightly below expectations and its Nutrition business having a rough quarter," said AJ Bell head of financial analysis Danni Hewson.

The personal care, drug and grocery stores index fell 0.8%.

Banks rose 0.4%, with Lloyds Banking Group (LON:LLOY) gaining 2.2% after it reported a third-quarter profit that met forecasts and maintained its guidance for full-year performance.

The mid-cap index FTSE 250 shed 0.7% briefly hitting a one-year low.

Plastic and packaging component supplier Essentra eased 2.7% on tempering its annual operating profit outlook, citing destocking pressures in North America and slow recovery in China.

© Reuters. FILE PHOTO: Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File photo

Defence company BAE Systems (LON:BAES) gained 1.7%.

($1 = 0.8242 pounds)

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