(Reuters) -UK shares nudged higher on Thursday, led by gains in consumer staples and utility stocks, while investors assessed corporate updates. The blue-chip FTSE 100 was up 0.3% by 1020 GMT, while
London Stocks Gain Momentum with Support from Consumer Staples and Banks
(Reuters) -London shares rose on Thursday, led by gains in consumer staples and bank stocks, while investors assessed corporate updates.
The blue-chip FTSE 100 closed up 0.4%, while the domestically focussed midcap index rose 0.8%.
Retail stocks were boosted by Currys' 15.6% rise after the electricals retailer said group sales rose 3% in the summer period (for the 17 weeks to the end of August) putting it on track to meet forecasts. Currys also launched a 50 million pound ($68 million) share buyback.
Other major retailers such as JD Sports Fashion, Frasers and Next also advanced.Consumer staples stocks rose, with Tesco up 1.8%.
Heavyweight bank stocks gained 1.2%, with NatWest up 1.5%, Barclays adding 2.2%, and Lloyds up 2.1%.
Around 3,000 Lloyds employees judged to be among the bottom 5% of performers will be considered for possible dismissal, a source familiar with the matter told Reuters.
Communication services stocks such as Airtel Africa and Auto Trader each added about 2.3%, while Rightmove advanced 2.9%.
Conversely, precious metal miners fell, tracking lower gold prices. Endeavour Mining down 1.7%, while Hochschild Mining fell 3.5%. [GOL/]
Industrial miners also declined, with Anglo American down 1.2%.
In other moves, low-cost airline and travel firm Jet2 lost 12.5% after forecasting lower profit. Peer EasyJet fell 4.2% to the bottom of the FTSE 100.
Animal genetics firm Genus rose 10.4% on strong annual profit growth and China joint venture acceleration.
Meanwhile, stability returned to bond markets following a rout earlier this week when concerns over Britain's finances and the government's ability to keep them under control briefly sent yields on 30-year British government bonds, or gilts, to their highest since 1998.
Investors, however, continue to speculate about tax rises that could dampen economic growth with Britain set to deliver its budget on November 26.
On the data-front, activity in Britain's construction sector slowed for the eighth month in a row in August, extending its longest downturn since 2020.
A BoE survey showed British firms reported a slight rise in the year-ahead inflation expectations.
Investors are awaiting July retail sales data due on Friday.
Stocks including Antofagasta and Admiral Group fell 2.3% and 1.5%, respectively, as they traded ex-dividend.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Leroy Leo and Richard Chang)
