London stocks rise on a boost from consumer staples and utilities
04/09/2025 11:52
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FTSE 100 up 0.3%, FTSE 250 up 0.8%
Genus rises on Chinese porcine JV, strong annual profit
UK's hot summer boosts sales at electrical retailer Currys
Jet2 forecasts lower profit as later bookings trend worsens
Sept 4 (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 .FTSE was up 0.3% by 1020 GMT, while the domestically focussed midcap index .FTMC added 0.8%.
Bond-proxy utilities .FTUB6510 rose with United Utilities UU.L up 1.5%, National Grid NG.L up 1.3%, while Severn Trent SVT.L added 1.6%.
Retail stocks .FTNMX404010 rose 2.5%, boosted by Currys CURY.L, up 16.9%, after the electricals retailer said group sales rose 3% in the summer period, putting it on track to meet forecasts. Currys also launched a 50 million pound ($68 million) share buyback.
Other major retailers also advanced with JD Sports Fashion JD.L up 2.2%, Frasers FRAS.L up 3.3%, and Next NXT.L gaining 2.6%.
Consumer staples stocks such as Tesco TSCO.L, Unilever ULVR.L, Reckitt RKT.L, and M&S MKS.L also rose.
Heavyweight bank stocks .FTNMX301010 also advanced, with Lloyds LLOY.L rising 1.2%.
Reports
said the bank will consider possible dismissal of about 3,000 employees that have been judged to be among the bottom 5%.
On the other hand, travel and leisure .FTNMX405010 stocks fell, dragged down by low-cost airline and travel firm Jet2 JET2.L that lost 14.1% after forecasting full-year operating profit to be towards the lower-end of its expectations.
Other airlines declined with EasyJet EZJ.L down 3.3%, while British Airways owner IAG ICAG.L and Wizz Air WIZZ.L also fell.
Precious metal miners .FTNMX551030 fell tracking lower gold prices. Fresnillo FRES.L fell 1.6%. GOL/
Meanwhile, stability returned to bond markets somewhat following a rout earlier this week when concerns over Britain's finances and the government's ability to keep them under control sent yields on 30-year British government bonds GB30YT=RR, or gilts, briefly 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 now await July retail sales data due on Friday.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Leroy Leo)
((Sukriti.Gupta@thomsonreuters.com;))
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