FTSE 100 Hits Record Close Amid Oil Surge and Anticipation of BOE Moves
The UK's FTSE 100 reached a record closing high, buoyed by oil and gas stock growth. Investors focus on the Bank of England's interest rate decision amid corporate earnings announcements. Notable performers include Burberry Group and Metro Bank Holdings. The Bank of England's rate decision is eagerly awaited.
The UK's FTSE 100 secured a fresh record close on Wednesday, demonstrating resilience as investors keenly await the Bank of England's impending interest rate decision. After a quiet start, the blue-chip index closed up 0.6% at 9,777.08 points, surpassing its previous record from last Thursday.
Leading the charge were heavyweight oil and gas stocks, which climbed 1.2% in line with robust crude oil prices, effectively neutralizing declines in the pharmaceutical sector, notably a 0.6% drop in AstraZeneca shares. The personal goods sector shined as the day's standout, with Burberry Group leading FTSE 100 gainers, rising by 3.1%.
Attention now turns to the Bank of England, poised to announce its interest rate decision amidst a backdrop of softer inflation and wage data, potentially setting the stage for a rate cut. Meanwhile, Metro Bank Holdings saw an 8.3% jump, topping FTSE 250 gainers, while Ceres Power Holdings shares surged 18.9% following a strategic partnership announcement.
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