Stock prices in London opened higher on Thursday following a Bank of England interest rates hold. UK gross domestic product data showed growth above expectations in March and the first quarter.
The FTSE 100 index opened up 0.5% at 8,424.40, with the FTSE 250 up 0.3% at 20,599.71, and the AIM All-Share up 0.3% at 785.76. In European equities, the CAC 40 in Paris and the DAX 40 in Frankfurt were both up 0.5%.
The Bank of England’s Monetary Policy Committee voted to maintain the bank rate at 5.25%, with two members preferring a rate cut. UK GDP rose by 0.4% in March and 0.6% in the first quarter of 2024, surpassing expectations.
Sterling was quoted at USD1.2528, while the euro traded at USD1.0781. In London’s FTSE 100, miners led the way, with Antofagasta, Glencore, and Anglo American posting gains. Gold prices rose to USD2,366.02 an ounce.
British Airways owner IAG reported a rise in revenue and operating profit in the first quarter of 2024. In the FTSE 250, TBC Bank saw a 1.2% increase after announcing a share buyback programme.
Ultimate Products saw a 17% decline in share price despite launching a share buyback programme. Brent oil was trading at USD84.25 a barrel. Israeli Prime Minister Benjamin Netanyahu stated that Israel would defend itself if necessary.
In Asia, the Nikkei 225 in Tokyo ended up 0.4%, while the Hang Seng index in Hong Kong was up 2.3%. Wall Street closed higher on Thursday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posting gains.