- FTSE 100 up 0.2%, FTSE 250 adds 0.9%
- Currys up on $214 mln Kotsovolos sale
- FTSE 250 set for biggest weekly gain since Nov 2022
- Smith+Nephew rises on rating upgrade
Nov 3 (Reuters) - Britain's benchmark FTSE 100 index advanced on Friday and was on track for weekly gains, as medical products maker Smith+Nephew shares rose on a rating upgrade, while Bank of England's (BoE) decision to hold interest rates further lifted sentiment.
The exporter-focused FTSE 100 was up 0.2%, at 0915 GMT, on track to mark its biggest weekly gains in seven weeks, buoyed by a slew of strong earnings.
Rate sensitive stocks climbed as the BoE held interest rates at a 15-year peak of 5.25% on Thursday, but said it did not expect to cut them any time soon.
"It's very hard for the BoE to justify a cut or loosening the policy unless the economy really hits the wall," said Russ Mould, investment director at AJ Bell.
The medical equipment and services index climbed 2.7% to lead sectoral gains, lifted by a 3.8% jump in Smith+Nephew after broker JP Morgan raised the stock to "Overweight" from "Neutral".
The industrial metal miners added 0.4% as copper prices rose on a weaker dollar.
Top sectoral decliner oil and gas lost 0.8% as crude supply concerns driven by the Middle East conflict eased and top importer China's demand outlook remained uncertain.
The mid-cap FTSE 250 gained 0.9% and was set for its biggest weekly gain in a year with a more than 6% jump.
British electricals retailer Currys agreed to sell its Greek business Kotsovolos to Public Power Corporation for an enterprise value of 175 million pounds ($214 million).
Currys advanced 3.9% to the top of the mid-cap index, while the broader reatilers index advanced 1.1% on the news.
Shares of Surface Transforms plunged as much as 45.8% to 13 pence, their lowest level since June 2019 after the brake-disc supplier cut its 2023 sales forecast.
Reporting by Khushi Singh in Bengaluru; Editing by Rashmi Aich
Source: Reuters