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Weaker pound, mining stocks push bluechip FTSE 100 higher

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FTSE 100 up 0.5, FTSE 250 adds 0.3

July 9 Reuters Londons FTSE 100 gained on Friday as a weaker pound helped support exportfocussed stocks, but was set to end the week lower on signs that the pace of economic recovery could be slower than expected.

The bluechip FTSE 100 index rose 0.5, powered by Glencore, Rio Tinto, Unilever and GlaxoSmithKline.

Britains economy grew by a slowerthan expected 0.8 in May from April, official data showed. A Reuters poll of economists had pointed to monthonmonth growth of 1.5 in gross domestic product.

The domestically focussed midcap index was up 0.3.

Among stocks, Vectura Group jumped 12.2 after cigarette maker Philip Morris said it will buy the pharmaceutical company in a deal valuing it at 1.05 billion pounds 1.44 billion.

British jet and auto parts supplier Senior gained 0.9 after it forecast 2021 performance to be slightly ahead of its previous expectations, encouraged by signs of recovery in the aerospace division.

Reporting by Shashank Nayar in Bengaluru

Source Reuters

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