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FTSE 100 set for monthly gains; AstraZeneca up after results

By Reuters News

Oct 30 - London's FTSE 100 looked on track to log its first monthly gain in three months, edging up on Friday as AstraZeneca rose, with investors welcoming a budget that was softer than expected on taxes.

The blue-chip FTSE 100 index .FTSE was 0.1% higher at 10,732.58 points by 0941 GMT, adding to the month's gains at 1.3%. The midcap FTSE 250 .FTMC slipped 0.6%.

Here are more details:

  • On the day, AstraZeneca AZN.L rose 3.6%, after the Anglo-Swedish drug-maker 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 3%, setting it up for its biggest monthly gain since February

  • Banks .FTNMX301010 weighed most on the index on the day, after NatWest NWG.L lost 7.9% following disappointing third-quarter profit

  • Precious .FTNMX551030 and industrial .FTNMX551020 metal miners lost 3.4% and 1.3%, respectively, tracking declines in gold and copper GOL/ MET/L

  • Oil prices rose about 2% on Friday, set for a fourth monthly gain, with Brent crude futures trading at over $117 a barrel O/R

  • Energy .FTNMX601010 rose 0.2%. BP BP.L was up marginally after it posted a record quarterly net profit

  • Finance Minister John Healey's first budget raised taxes on banks and gambling firms, which were less severe than expected, sparking a rally in the stocks on Wednesday

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

  • Consumer staples stocks rose on the day, with British American Tobacco BATS.L and Unilever ULVR.L up about 2%

  • 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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