FTSE Gains Amid Investor Optimism and GSK's Surge

The FTSE 100 rose by 0.6%, propelled by surges in GSK and gold mining shares, as market focus shifted toward the Bank of England's upcoming rate decision. GSK soared 7.6% following a major share buyback announcement. Meanwhile, the FTSE 250 gained 0.5%, despite Ferrexpo's significant downturn.

The UK stock market saw a positive turn as the FTSE 100 increased by 0.6% on Wednesday, breaking a two-day losing streak. The surge came thanks to significant gains in shares of GSK and gold miners, drawing investors' attention ahead of the Bank of England's rate decision set for later this week.

Pharmaceutical giant GSK climbed 7.6% after announcing a £2 billion share buyback, lifting its long-term sales target to almost $50 billion. Gold miners also saw a 3.6% increase, with Fresnillo leading the charge, up 5.8%, following J.P. Morgan's recommendation as a top pick.

Market focus remains on Thursday's Bank of England's rate decision. Analysts anticipate a 25-basis-point cut with potential for further reductions amid ongoing economic uncertainties. In contrast, Ferrexpo's shares slumped 8%, under pressure after disclosing a hefty civil claim against its Ukrainian unit.

(With inputs from agencies.)