London stocks gain ahead of Fed rate decision

Among corporate results, Coca-Cola HBC AG gained 1.6% as the company forecast full-year profit growth to be at the top end of its guidance, aided by robust demand for its soft drinks and executed price increases. Haleon lost 3.5% as the world's biggest standalone consumer health business reported first-quarter profit below analyst expectations.

UK stocks rose on Wednesday after a sharp selloff in the previous session, with markets keenly awaiting the U.S. Federal Reserve's interest rate decision later in the day.

The blue-chip index was up 0.5% as of 0723 GMT and the mid-caps index rose 0.3%. Most sectors were positive, with base metals and precious metal miners up nearly 1% each.

Investors expect a 25 basis point hike from the Fed at its policy rate announcement at 1800 GMT, with focus on how long interest rates would stay high. Among corporate results, Coca-Cola HBC AG gained 1.6% as the company forecast full-year profit growth to be at the top end of its guidance, aided by robust demand for its soft drinks and executed price increases.

Haleon lost 3.5% as the world's biggest standalone consumer health business reported first-quarter profit below analyst expectations. Luxury carmaker Aston Martin Lagonda lost 1.4% on reporting a narrower quarterly pre-tax loss and maintaining its 2023 outlook.

 

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