London Stocks Surge as FTSE 100 Hits Record High Amidst Strong Forecasts

London stocks saw significant gains as the FTSE 100 reached a record high due to strong forecasts from GSK and Next. The pharmaceutical and retail sectors contributed prominently, with GSK and Next reporting strong sales forecasts. The announcement shifts attention to the U.S. Federal Reserve's monetary policy meeting.

On Wednesday, London stocks climbed further, marking a record high in the blue-chip FTSE 100 for the second straight session, propelled by robust forecasts from drugmaker GSK and retailer Next.

The FTSE 100 increased by 0.8% to 9,779.32 points by 1205 GMT, buoyed additionally by a weaker pound that benefits internationally-focused companies. The FTSE 250 index, centered on domestic companies, rose by 0.2%. Healthcare stocks led the charge, surging by 2%, while GSK's shares rose 3.3% after it lifted its 2025 sales and earnings forecasts, driven by its specialty HIV and cancer treatments. Meanwhile, Next's shares skyrocketed 7.5% upon raising its full-year profit guidance for the fourth time this year.

In the mining sector, Glencore's shares climbed 6.2% as its quarterly report revealed a 36% increase in copper production. The sector benefited from higher gold prices, with Fresnillo's shares appreciating by 6.5% backed by a target price hike from brokerage Peel Hunt. Bank of England data showed a surge in mortgage approvals in September, offering potential stability to the housing market ahead of the national budget announcement.

(With inputs from agencies.)