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FTSE 100 rises on Informa boost; pound weakens

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UK’s export-oriented FTSE 100 climbed on Monday, lifted by events organizer Informa’s over 5% jump and a weaker pound.

The FTSE 100 was up 0.4% by 0941 GMT.

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Informa Plc jumped 5.4% to top the blue-chip index. The company’s announcement of raising its full-year earnings outlook pushed the broader FTSE 350 media index 1.0% higher.

The pound dipped against a steadying dollar after Federal Reserve Governor Christopher Waller said on Sunday that the central bank was not softening its fight against inflation.

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That also tempered gains on the broader European STOXX 600 index.

Markets are now keenly awaiting a budget plan on Thursday, with Finance Minister Jeremy Hunt saying he will set out tax rises and spending cuts to show Britain can fix its public finances and restore its economic credibility.

“The UK government is still on a report card, being closely monitored after the perceived economic bad behavior of the short-lived (Liz) Truss administration,” said Susannah Streeter, markets analyst at Hargreaves Lansdown.

“That’s why Prime Minister Rishi Sunak and his Chancellor Hunt have been priming the nation this weekend to expect widespread tax increases, and a cut back of spending in the Autumn Statement.”

Among other stocks, Indivior gained 0.9% after it said it would acquire Opiant Pharmaceuticals for approximately $145 million in cash. The broader healthcare index was up 1.5%.

British miners were up 0.1% after copper prices jumped on Chinese government offering support to its battered property sector, which consumes a vast amount of metals.

The domestically-focused FTSE 250 midcap index dropped 1.2% after marking its biggest weekly gain in almost two years on Friday. (Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh.V)

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