London stocks inch higher ahead of BoE rate decision
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a window
May 11 (Reuters) - UK's FTSE 100 index edged up on Thursday as a decline in the pound boosted shares of export-oriented firms ahead of the Bank of England's (BoE) interest rate decision.
Traders are betting on the BoE to announce a 25 basis point (bp) rate hike at 1100 GMT, taking borrowing costs to their highest level since 2008 as the central bank battles double digit inflation.
The blue-chip FTSE 100 .FTSE rose 0.4% as healthcare stocks .FTNMX201030 and consumer staples firms including Unilever Plc ULVR.L surged after the pound GBP=D3 dropped. The currency had hit a five-month high on Wednesday. GBP/
The more domestically-focussed mid-cap FTSE 250 .FTMC added 0.2% by 0718 GMT.
ITV Plc ITV.L fell 3.3% and hit a five-month low after the broadcaster reported a 10% drop in its total advertising revenue in the first three months of 2023.
Among other losers were HSBC Holdings Plc HSBA.L, BP Plc and Tesco Plc TSCO.L, dropping between 0.6% and 2% as the stocks traded ex-dividend.
(Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich)
((johann.mcherian@thomsonreuters.com;))
For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L
* For related , click on - * UK hot stocks: HOT and GB Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/
* For company prices, click on - * Company directory: UKEQ By sector: FTAX
* For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR