By Ragini Mathur
(Reuters) -Britain’s FTSE 100 closed at a record high for the third straight day on Thursday with healthcare stocks leading the gains, while fresh economic data reinforced signs of resilience in the UK economy.
The blue-chip FTSE 100 <.FTSE 100> closed up 0.2%, reversing losses earlier in the session.
Meanwhile, the midcap index FTSE 250 posted a 0.3% decline.
Heavyweight healthcare shares rose 0.4%, propelling the broader market higher.
Aerospace and defence companies also strengthened 1.6%.
The energy sector was up 0.4% as oil prices gained, bolstered by signs of strong demand in the U.S. and uncertainty over efforts to end the war in Ukraine. [O/R]
The FTSE 100 hit a record close on Tuesday and Wednesday, benefiting from a market rotation away from technology stocks that triggered a selloff on Wall Street earlier this week.
“It’s not too often that the FTSE 100’s lack of technology exposure is a virtue but it has been this week,” said AJ Bell investment analyst Dan Coatsworth.
On Thursday, industrial and precious metal mining companies also boosted the blue-chip index by advancing 0.8% and 1.9%, respectively.
Adding to the upbeat mood, PMI data for August revealed British businesses are having their strongest month in a year thanks to a rebound in the dominant services sector.
Further, Britain’s public borrowing in the financial year so far has matched forecasts, underpinning the government’s tax and spending plans.
Global markets now turn their attention to the U.S. Federal Reserve’s Jackson Hole symposium, with investors awaiting Fed Chair Jerome Powell’s Friday address for clues about a potential September interest rate cut.
Among individual movers, travel retailer WH Smith slumped 42.3% and was on track for its worst single-day decline on record, after it lowered its annual profit outlook.
Stocks including InterContinental Hotels Group, Schroders, Entain and Mondi fell over 1% as they traded ex-dividend.
(Reporting by Ragini Mathur in Bengaluru, Additional reporting by Joel Jose; Editing by Sahal Muhammed and Chris Reese)
