Markets

FTSE 100 Rises Despite Weak PMI Data

(RTTNews) - U.K. stocks rose on Wednesday and the pound continued to decline after Prime Minister Boris Johnson announced new restrictions for the country and voiced hope that "things will be far better by the spring".

Investors shrugged off survey results showing that the U.K. economy lost some of its bounce in September.

The IHS Markit/CIPS flash composite Purchasing Managers' Index (PMI) dropped to a three-month low of 55.7 after hitting a six-year high of 59.1 in the previous month.

The benchmark FTSE 100 jumped 137 points, or 2.35 percent, to 5,967 after rising 0.4 percent the previous day.

Diploma shares surged as much as 25 percent after the technical products and services provider said it had agreed to buy Windy City Wire Cable and Technology Products for £357m.

SSP Group jumped more than 13 percent. The catering company said sales have recovered since stores reopened.

Halma advanced 1.7 percent. The hazard detection company stated that it has delivered a resilient performance in line with the Board's expectations for the period from 1 April 2020 to date.

Vodafone Group shares rose about 2 percent. The telecommunications company said that, from October onwards, 20 percent of supplier selection criteria will be based on commitments to diversity and the environment.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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