FTSE 100 climbs on stronger UK GDP, on track for worst month since March
Sept 30 (Reuters) - London's FTSE 100 rose on Wednesday as investors assessed stronger-than-expected GDP data, and was on course for a monthly loss as persistent inflation concerns and rising bond yields dampened sentiment.
The blue-chip FTSE 100 index .FTSE rose 0.26% to 10,664.93 points by 1018 GMT, headed for its biggest monthly loss since March and its seventh consecutive quarterly gain.
The midcap FTSE 250 .FTMC climbed 0.74% but was set to dip for the month.
Britain's economy grew more quickly than previously thought in the second quarter, with output expanding by 0.5% in the April-to-June period, the Office for National Statistics said
The data showed unexpected resilience in the face of geopolitical upheaval and a global bond market crisis
The positive data helped cyclical stocks, with banks .FTNMX301010 being the biggest boost to the index
The utilities sector .FTUB6510 rose 2.7% a day after UK PM Andy Burnham made a series of policy announcements for the sector
Electricity firms National Grid NG.L and SSE SSE.L added about 3% each, while water companies United Utilities UU.L and Severn Trent SVT.L climbed about 2.3% each
Energy stocks .FTNMX601010 dropped around 1%, limiting gains
Bank of England policymaker Alan Taylor said it was unclear that it would be practical for the BoE to do a single rate hike to tame inflation without fuelling unwarranted market speculation of further increases
Traders are pricing at least one 25-basis-point rate hike by the BoE this year, according to data compiled by LSEG
Greggs GRG.L advanced 7.4% after the fast-food chain raised its annual profit outlook as underlying sales growth accelerated in the third quarter
Across the Atlantic, US personal consumption expenditures figures will be under scrutiny as investors look for clues to the Federal Reserve's monetary policy path