FTSE 100 Gains As Inflation Hits Three-year Low
2024-10-11
3776
(fxcue news) - U.K. stocks advanced on Wednesday after official data showed U.K. inflation fell below the 2 percent target and also hit the lowest in more than three years in September, piling pressure on the Bank of England to ease policy at the November meeting.
Consumer price inflation weakened more-than-expected to 1.7 percent in September from 2.2 percent in August, the Office for National Statistics reported.
This was the lowest since April 2021. Prices were forecast to climb 1.9 percent.
The benchmark FTSE 100 was up 48 points, or 0.6 percent, at 8,296 after declining half a percent on Tuesday.
British American Tobacco rose about half a percent after saying it remains on track to deliver low-single digit organic revenue and adjusted profit from operations growth in fiscal year 2024.
Primary Health Properties rose over 2 percent. The healthcare facilities investor reported an additional £2.7m in rental income in a third quarter update.
Antofagasta jumped more than 3 percent. The Chilean miner reported a 15 percent rise in third-quarter copper output.
Property developer Hammerson rallied 2.3 percent after launching a £140m share buyback program.
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