London’s FTSE 100 marked time ahead of the Bank of England’s rate decision on Thursday, while GlaxoSmithKline rose on plans to spin off its healthcare arm.
The Bank of England is expected to leave benchmark interest rates unchanged, but investors will look for hints of inflation pressures, which broke above the central bank’s 2% target in May. The decision is due at 1100 GMT.
The blue-chip FTSE 100 index gained 0.1%, led by gains in financials and industrial stocks, while the domestically focussed mid-cap index inched 0.1% higher.
GSK rose 0.4% after it set out plans to turn its consumer healthcare arm into a separately listed company, in a move that will deliver an 8 billion pound ($11 billion) windfall and other financial benefits for its underperforming drugs business.
Among other stocks, British homebuilder Crest Nicholson Holdings climbed 0.3% after it swung to a half-year profit and reinstated its dividend.
St. Modwen Properties jumped 0.4% after it backed the latest sweetened buyout offer by private equity firm Blackstone Group at 1.25 billion pounds ($1.75 billion).
Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu
Source: Reuters