Nov 14 (Reuters) –
The UK’s export-oriented FTSE 100 climbed on Monday supported by a weaker pound as merchants braced for the federal government’s fiscal assertion later this week and with a stronger greenback weighing on the British forex.
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The FTSE 100 closed 0.9% greater, with Ocado Group up 14% and main positive factors.
“Ocado noticed the biggest drop briefly curiosity in October, serving to the inventory lengthen current positive factors,” mentioned Victoria Scholar, head of funding at Interactive Investor.
Shares of the net grocery store and expertise group have surged this month after it entered South Korea via a partnership take care of Lotte Buying, Scholar added.
“The inventory is now up greater than 90% and is on the high of the FTSE 100 at this time as traders flip bullish on the grocery store expertise enterprise,” she added.
Weak spot within the pound in opposition to a powerful greenback boosted export-oriented corporations resembling Unilever and British American Tobacco.
Sterling fell forward of British Chancellor Jeremy Hunt’s autumn assertion on Thursday, when he’s anticipated to set out tax rises and spending cuts.
“The UK authorities continues to be on a report card, being intently monitored after the perceived financial dangerous conduct of the short-lived (Liz) Truss administration,” mentioned Susannah Streeter, markets analyst at Hargreaves Lansdown.
“That’s why Prime Minister Rishi Sunak and his Chancellor Hunt have been priming the nation this weekend to count on widespread tax will increase, and a reduce of spending within the Autumn Assertion.”
Informa Plc jumped 5.8% on elevating its full-year earnings outlook, pushing the broader FTSE 350 media index 1.5% greater.
Indivior gained 2.4% after it mentioned it might purchase Opiant Prescribed drugs for roughly $145 million in money. The broader healthcare index was up 2.5%.
British miners added 0.6% as copper costs jumped on the Chinese language authorities providing assist to its battered property sector, which consumes an enormous quantity of metals.
The domestically-focused FTSE 250 midcap index was subdued by the shut after marking its largest weekly acquire in nearly two years on Friday. (Reporting by Shashwat Chauhan and Bansari Mayur Kamdar in Bengaluru; enhancing by Uttaresh.V and Ken Ferris)