London stocks rise on softer-than-expected inflation data

British inflation cooled by more than expected in October as household energy prices dropped from a year earlier, while stubbornly high services sector price growth also eased, offering some relief to the Bank of England. The upbeat sentiment spurred a rise in rate-sensitive stocks, with top gainer homebuilders index adding 2% and the banks sector gaining 1.3%. British power generator and network operator SSE Plc reported half-yearly earnings above its forecast, taking the shares up by 2.2%.

The UK's benchmark indexes rose on Wednesday, on track for a three-day win streak as cooler-than-expected October inflation data lifted sentiment, while a rise in prices of most commodities pushed mining and energy stocks higher.

The commodity-focused FTSE 100 was up 0.9% at 8:04 GMT and the mid-cap FTSE 250 gained 0.4%. British inflation cooled by more than expected in October as household energy prices dropped from a year earlier, while stubbornly high services sector price growth also eased, offering some relief to the Bank of England.

The upbeat sentiment spurred a rise in rate-sensitive stocks, with top gainer homebuilders index adding 2% and the banks sector gaining 1.3%. Precious metal miners added 1.4%, while industrial metal miners were up 1.7%, as prices of most metals rose on a softer dollar and retreating bond yields.

Shares of Experian rose 3.3% after the world's largest credit data company reported an increase in half-yearly profit, benefitting from sustained demand in key markets North America and Europe. British power generator and network operator SSE Plc reported half-yearly earnings above its forecast, taking the shares up by 2.2%.

 

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