(Reuters) -UK shares nudged higher on Thursday, led by gains in consumer staples and utility stocks, while investors assessed corporate updates.
The blue-chip FTSE 100 was up 0.3% by 1020 GMT, while the domestically focussed midcap index added 0.8%.
Bond-proxy utilities rose with United Utilities up 1.5%, National Grid up 1.3%, while Severn Trent added 1.6%.
Retail stocks rose 2.5%, boosted by Currys, up 16.9%, after the electricals retailer said group sales rose 3% in the summer period, putting it on track to meet forecasts. Currys also launched a 50 million pound ($68 million) share buyback.
Other major retailers also advanced with JD Sports Fashion up 2.2%, Frasers up 3.3%, and Next gaining 2.6%.Consumer staples stocks such as Tesco, Unilever, Reckitt, and M&S also rose.
Heavyweight bank stocks also advanced, with Lloyds rising 1.2%. Reports said the bank will consider possible dismissal of about 3,000 employees that have been judged to be among the bottom 5%.
On the other hand, travel and leisure stocks fell, dragged down by low-cost airline and travel firm Jet2 that lost 14.1% after forecasting full-year operating profit to be towards the lower-end of its expectations.
Other airlines declined with EasyJet down 3.3%, while British Airways owner IAG and Wizz Air also fell.
Precious metal miners fell tracking lower gold prices. Fresnillo fell 1.6%. [GOL/]
Meanwhile, stability returned to bond markets somewhat following a rout earlier this week when concerns over Britain’s finances and the government’s ability to keep them under control sent yields on 30-year British government bonds, or gilts, briefly to their highest since 1998.
Investors, however, continue to speculate about tax rises that could dampen economic growth with Britain set to deliver its budget on November 26.
On the data-front, activity in Britain’s construction sector slowed for the eighth month in a row in August, extending its longest downturn since 2020.
A BoE survey showed British firms reported a slight rise in the year-ahead inflation expectations.
Investors now await July retail sales data due on Friday.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Leroy Leo)
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