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Melrose lifts FTSE 100 ahead of Sunak's spending plan announcement

The blue-chip index edged 0.4% higher, with turnaround specialist Melrose Industries Plc jumping 7.1% after saying it is currently trading at the top end of the board's expectations for 2020. The domestically-focused mid-cap FTSE 250 fell 0.3%. ($1 = 0.7475 pounds)

Reuters | Updated: 25-11-2020 13:54 IST | Created: 25-11-2020 13:54 IST
Melrose lifts FTSE 100 ahead of Sunak's spending plan announcement

London's FTSE 100 rose on Wednesday, buoyed by Melrose Industries after it gave an upbeat trading update, with the focus also turning towards Britain's one-year spending plan announcement later in the day. The blue-chip index edged 0.4% higher, with turnaround specialist Melrose Industries Plc jumping 7.1% after saying it is currently trading at the top end of the board's expectations for 2020.

The domestically-focused mid-cap FTSE 250 fell 0.3%. Finance minister Rishi Sunak, who has already pledged over 200 billion pounds ($267.56 billion) to fight the COVID-19 crisis, will announce extra investment to ease a backlog in the health system, counter a surge in unemployment and build new infrastructure in a Spending Review due to parliament around 1230 GMT.

Virgin Money UK Plc slipped 5.3% after the lender posted a 77% drop in annual underlying pre-tax profit on a 501 million pound bad loan charge. ($1 = 0.7475 pounds)

Also Read: Rishi Sunak lights up Downing Street with Diwali decorations

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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