BREAKING: Melrose Industries Lifts FTSE 100 Ahead of Sunak's Spending Plan Announcement
Nov 25 (Reuters) - London’s FTSE 100 rose on Wednesday, buoyed by Melrose Industries after it gave an upbeat trading update, with the focus also turning towards Britain’s one-year spending plan announcement later in the day.
The blue-chip index edged 0.4% higher, with turnaround specialist Melrose Industries Plc jumping 7.1% after saying it is currently trading at the top end of the board’s expectations for 2020.
The domestically-focused mid-cap FTSE 250 fell 0.3%.
Finance minister Rishi Sunak, who has already pledged over 200 billion pounds ($267.56 billion) to fight the COVID-19 crisis, will announce extra investment to ease a backlog in the health system, counter a surge in unemployment and build new infrastructure in a Spending Review due to parliament around 1230 GMT.
Virgin Money U.K. Plc slipped 5.3% after the lender posted a 77% drop in annual underlying pre-tax profit on a 501 million pound bad loan charge.
Reprinted from Reuters. The copyright is reserved by the original author.
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