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Retailer stocks lead FTSE 100 higher

written by Bella Palmer
stocks-market

The mid-cap FTSE 250 added 0.6%, logging its fourth successive day of gains

Britain's FTSE 100 started November on a positive note, supported by retailer stocks, with Next stocks leading gains on an upbeat profit outlook, while investors braced for a number of central bank policy decisions.

The internationally-focused FTSE 100 closed 0.3% higher. The mid-cap FTSE 250 added 0.6%, logging its fourth successive day of gains.

Next Plc shares jumped 3.6% to the top of the FTSE 100 after the clothing retailer raised its annual profit outlook for the fourth time in six months.

The broader retailers index increased 1.6%.

Investors will be evaluating the U.S. Fed's interest rate decision later in the day and the BoE’s monetary policy meeting on Thursday. Both central banks are broadly expected to keep interest rates steady.

I do not think anybody expects any change in the BoE's interest rates tomorrow, but they have got to be very careful with their messaging because the economy is not particularly strong, said David Morrison, senior market analyst at Trade Nation.

On the data front, British house prices unexpectedly increased nearly 1% last month, mortgage lender Nationwide said, while UK's factories suffered a worse October than previously thought, as per a survey.

Automobiles and parts index dropped 2.0% dragged down by a around 9% plunge in Aston Martin shares after the luxury carmaker lowered its 2023 volume outlook.

GSK shares closed 2.4% lower, after gaining earlier in the session, as the drugmaker raised its full-year profit and sales forecasts for a second time.

GSK shares gave up their early gains and slid to the bottom of the FTSE 100 with some blaming underperformance from its Shingrix vaccine, Michael Hewson, chief market analyst at CMC Markets UK said in note.

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