London's FTSE 100 rises as Shell boosts energy stocks
London's FTSE 100 rises as Shell boosts energy stocks For a Reuters live blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window
Oct 29 - London's blue-chip index rose on Thursday, supported by gains in the energy sector, while investors awaited crucial inflation data in the US to gauge the Federal Reserve's monetary policy.
The blue-chip FTSE 100 index .FTSE rose 0.3% to 10,782.19 points by 1004 GMT, while the midcap FTSE 250 .FTMC also climbed 0.3%.
Shell SHEL.L rose 3.2%, leading gains on the FTSE 100 after the oil major reported its highest quarterly profit since 2022, and increased its share buyback program
Energy stocks .FTNMX601010 outperformed the broader market, with the sector climbing nearly 2.8% despite a dip in oil prices
Conversely, Haleon HLN.L slid 15.6%, set for its biggest one-day fall since its IPO in 2022 after the consumer health company cut its organic revenue growth forecast
Haleon's slide put the pharma sector .FTNMX201030 on track for another session of sharp declines, after GSK's results on Wednesday disappointed
Declines in pharma and banks .FTNMX301010 limited the overall rise. Banks were dragged down by a 4.3% fall in Lloyds Banking Group LLOY.L after it reported muted third-quarter results
Finance minister John Healey's less-than-feared tax hikes in his budget on banks and gambling firms had sparked a rally in their stocks on Wednesday
British defence firms BAE Systems BAES.L and Rolls-Royce RR.L gained 2.6% and 1.1% respectively, extending gains after Healey said "reprioritisation" would fill a £4.7 billion ($6.3 billion) gap in Britain's Defence Investment Plan
The US Federal Reserve held interest rates steady on Wednesday, bringing Thursday's personal consumption expenditure figures under scrutiny
National Grid NG.L rose 1.1% after the power grid operator said it plans to invest about £400 million ($531 million) to extend the life of the electricity link between Britain and France until at least 2050
WPP WPP.L gained 2.1% after the ad group said its turnaround plan was on track after reporting a smaller decline in third-quarter like-for-like revenue
(Reporting by Darshan Kumar and Purvi Agarwal in Bengaluru; Editing by Sahal Muhammed)
((darshan.kumar@thomsonreuters.com))