UK's FTSE 100 climbs on consumer discretionary boost

UK's FTSE 100 extended gains for the third straight session on Wednesday ahead of the festive weekend, lifted by consumer discretionary stocks led by JD Sports. The FTSE 100 and the mid-cap FTSE 250 added 0.2% each. Energy stocks added to gains, rising 0.5% while the pound lost 0.2% by 8:30 GMT.

UK's FTSE 100 extended gains for the third straight session on Wednesday ahead of the festive weekend, lifted by consumer discretionary stocks led by JD Sports.

The FTSE 100 and the mid-cap FTSE 250 added 0.2% each. Sportswear firm JD Sports soared 5.8% to the top of the FTSE 100 after its U.S. peer Nike reported better-than-expected results on Tuesday.

A weaker pound also supported the export-oriented index that houses firms benefiting from dollar earnings. Energy stocks added to gains, rising 0.5% while the pound lost 0.2% by 8:30 GMT. Among other stocks, Bunzl Plc said it expected 2023 revenue to be slightly higher, benefiting from higher demand for its cheaper products and acquisitions this year. But the supplies distributor dropped 0.7%.

Meanwhile, public borrowing, excluding state-controlled banks, rose to a record 22 billion pounds ($26.73 billion) in November from 14.2 billion pounds in the previous month, reflecting higher costs for energy subsidies. ($1 = 0.8229 pounds)