Currys Sales Surge Amid UK's Hot Summer; FTSE 100 Rises

London shares climbed on Thursday, led by gains in consumer staples and bank stocks. Currys saw a notable 15.6% rise fueled by increased electrical sales. However, some industrial miners and Jet2 faced losses. Investors remain cautious ahead of potential tax rises and economic data releases.

London shares closed higher on Thursday, driven by strong performance in consumer staples and banking stocks. The FTSE 100 index rose 0.4%, while the FTSE 250 jumped 0.8%. A standout was Currys, which reported a 3% increase in sales over the summer, leading to a notable 15.6% boost in its stock.

Major electrical retailer Currys also announced a substantial share buyback. Other retailers including JD Sports Fashion and Next followed the upward trend. Meanwhile, banking stocks saw gains, with Barclays and Lloyds leading the charge.

Conversely, precious metal miners struggled as gold prices declined, impacting shares in Endeavour Mining and Hochschild Mining. In other sectors, Jet2 dropped following a reduced profit forecast, while investors kept a keen eye on potential tax hikes amidst upcoming budget announcements.

(With inputs from agencies.)