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FTSE 100 logs first monthly gain in three; AstraZeneca jumps

By Reuters News

Oct 30 (Reuters) - London's FTSE 100 logged its first monthly gain in three months, edging up on Friday due to a boost from AstraZeneca, with investors welcoming a budget that was softer than expected on taxes.

The blue-chip FTSE 100 index .FTSE ended about 0.1% higher at 10,729.78 points, rising over 1% in October. The midcap FTSE 250 .FTMC slipped nearly 1% on the day.

Here are more details:

  • AstraZeneca AZN.L jumped 7% in its best day in a year after the Anglo-Swedish drugmaker announced a restructuring drive that will likely save $1.5 billion and help achieve long-term ambitions, including investing in new drug pipelines

  • The broader pharma sector .FTNMX201030 gained 5.1%, its biggest monthly gain since February

  • Banks .FTNMX301010 weighed most on the index on Friday after NatWest NWG.L lost nearly 9% following a weaker-than-expected outlook for interest income

  • Precious .FTNMX551030 and industrial .FTNMX551020 metal miners lost 5.3% and 2.9%, respectively, tracking declines in gold and copper GOL/ MET/L

  • BP BP.L rose 0.5% after posting a record quarterly net profit

  • Earlier this week, finance minister John Healey's first budget raised taxes on banks and gambling firms by less than expected, sparking a rally in the stocks

  • Aerospace and defence firms were among the best performers this week after Healey said that 'reprioritisation' in other departments would fund the government's defence plan

  • Consumer staples stocks rose on the day, with British American Tobacco BATS.L and Unilever ULVR.L up 1.7% and 2.1%

  • Earlier this month, data showed inflation rose more than expected in September, cementing the case for an interest rate hike by the Bank of England in November

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