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UPDATE 1-FTSE 100 on track for fourth session of gains

Published 24/10/2019, 09:33
© Reuters.  UPDATE 1-FTSE 100 on track for fourth session of gains
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* FTSE 100 up 0.7%, FTSE 250 up 0.2%

* AstraZeneca biggest boost to main index

* RBS slides after reporting Q3 loss

(Adds company news items, analyst comments, updates share

prices)

By Muvija M and Shashwat Awasthi

Oct 24 (Reuters) - London's FTSE 100 rose on Thursday along

with its European counterparts, helped by strong French

manufacturing data and gains in AstraZeneca after a 2019

forecast upgrade.

The blue-chip index .FTSE climbed 0.7% to a near one-month

high by 0730 GMT, on course for its fourth session of gains. A

dip in sterling limited the FTSE 250 .FTMC to a 0.2% gain.

After rising to session highs following data from France,

the main bourse eased slightly after another survey showed

employment in Germany's private sector fell for the first time

in six years in October. The conflicting data come at a time of existing fears over

global economic growth, as multiple unfavourable events

including the U.S.-China trade tussle and Brexit play out.

In the past two weeks UK shares have been volatile with

major Brexit developments including Prime Minister Boris Johnson

striking a new Brexit deal with the European bloc and lawmakers

at home forcing his hand into asking for another extension to

the divorce.

'U.S.-CHINA AND BREXIT IN LIMBO'

The FTSE 100, whose components rake in more than two-thirds

of their earnings in U.S. dollars, is on course for its best

weekly gain since early June, as uncertainties over the course

of UK's EU departure have dented the value of sterling.

AstraZeneca AZN.L gained 3%, its biggest one-day rise in

three months, after the pharmaceutical giant raised its annual

product sales forecast for the second time this year.

Analytics and decision tools provider Relx REL.L and

industrial software company Aveva AVV.L added 2.5% each

following trading updates.

"There's not been a huge catalyst for markets this week.

Earnings are largely topping beaten-down estimates. U.S.-China

and Brexit are in limbo," Markets.com analyst Neil Wilson said.

On the other end of the spectrum was Royal Bank of Scotland

RBS.L that skidded 3% as it swung to a third-quarter loss due

to a fresh 900 million pound provision to settle mis-selling

claims.

A notable mid-cap performer was Kaz Minerals KAZ.L that

jumped 7% after record third-quarter copper production as it

ramped up operations at its biggest mines in Kazakhstan.

Woodford Patient Capital Trust WPCT.L , formerly run by

high-profile money manager Neil Woodford, jumped 22% as the

company appointed asset manager Schroders SDR.L as its new

portfolio manager.

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