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London stock rises supported by banks and consumer staples

Investors analyzed corporate updates as London shares rose Thursday. Consumer staples and banks stocks led the gains. The blue-chip FTSE 100 rose by 0.4% while the domestically focused midcap index grew 0.8%. Currys' 15.6% increase in retail stocks was a boost to the sector. The electricals retailer reported that group sales had risen 3% during the summer period (17 weeks up to the end August), putting them on track to achieve forecasts. Currys has also announced a share buyback of 50 million pounds ($68 million).

JD Sports Fashion and Frasers, as well as Next and other major retailers, have also made significant progress.

Tesco's shares rose 1.8%.

Heavyweight bank shares gained 1.2%. NatWest rose 1.5%, Barclays added 2.2% and Lloyds increased 2.1%.

Sources familiar with the situation say that around 3,000 Lloyds workers who are judged to be in the bottom 5% will be subjected to possible dismissal.

Airtel Africa, Auto Trader and Rightmove all gained 2.3%.

In contrast, precious metals miners declined, as gold prices fell. Endeavour Mining is down 1.7% while Hochschild Mining is down 3.5%.

Anglo American, the industrial mining company, also fell by 1.2%.

Jet2, a low-cost carrier and travel company, also lost 12.5% of its value after forecasting a lower profit. EasyJet, a peer company, fell 4.2% and landed at the bottom of FTSE 100.

Animal genetics firm Genus rose 10.4% on

Strong annual profit growth

Joint ventures with China are accelerating. The bond market has stabilized after a recent rout, when fears about Britain's finances, and the government’s ability to control them, briefly sent gilts yields to their highest level since 1998.

Investors continue to speculate, however, about tax increases that could dampen the economic growth, as Britain is set to present its budget on 26 November. In August, the construction industry in Britain slowed down for the eighth consecutive month, marking its longest decline since 2020. In a BoE survey, British firms reported that they expect inflation to rise slightly in the coming year. Investors await the July retail sales figures due on Friday.

As they traded ex dividend, Antofagasta, Admiral Group, and other stocks fell by 2.3% and 1.55% respectively.

(source: Reuters)