FTSE 100 Gains As Recession Worries Ease
(RTTNews) - U.K. stocks traded higher on Thursday as a slew of upbeat earnings results offset concerns surrounding inflation and interest-rate hikes.
Investors were also reacting to reports suggesting that the U.K. may avoid a recession this year.
The National Institute of Economic and Social Research (Niesr) said the economy will grow marginally this year, despite high prices hitting household budget.
The benchmark FTSE 100 was up 59 points, or 0.8 percent, at 7,944 after gaining 0.3 percent on Wednesday.
Consumer goods group Unilever edged up slightly after reporting quarterly underlying sales growth above expectations.
AstraZeneca jumped 4.5 percent. The drug maker swung to fourth-quarter profit and forecast growth in earnings and revenues in 2023.
British American Tobacco plunged 5.6 percent despite reporting higher full-year sales and profits.
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