The FTSE 100 rose on the back of the weakness in the pound which supported heavily exported consumer staples.

The export-oriented FTSE 100 gained 0.5%, while the more domestically-oriented FTSE 250 fell 0.7%.

Oil and mining stocks fell 0.4% and 1.1% respectively due to recession fears hitting demand for raw materials. [O/R] [MET/L]

The pound plunged to its 1985 low as investors fled to safer currencies after the new government announced historic tax cuts and the biggest increase in borrowing since 1972 to fund them. [GBP/]

Consumer staples like Unilever and British American Tobacco gained 3.5% and 1.1% respectively. Unilever also said its CEO, Alan Jope, plans to retire at the end of 2023.

Bank stocks fell 1.3%.

GSK plc rose 2.0% after the drugmaker appointed Julie Brown of luxury fashion brand Burberry as its new chief financial officer to succeed Iain Mackay.

Source link -88