FTSE 100 Rises As Business Activity Expands

(RTTNews) - U.K. stocks traded higher on Tuesday after a survey showed private sector activity in the country expanded for the sixth consecutive month in April.

The Composite PMI rose from 52.8 to 54.0, hitting an 11-month high.

Meanwhile, the U.K. public sector net borrowing declined in the financial year ending March, but it remained well above the official estimate, separate data from the Office for National Statistics showed.

The benchmark FTSE 100 was up 26 points, or 0.3 percent, at 8,050 after climbing 1.6 percent to notch a record close on Monday amid optimism that the Bank of England will cut interest rates twice this year.

JD Sports Fashion jumped more than 6 percent after it proposed to buy Hibbett in a deal that values the American sporting-goods retailer at $1.08 billion.

Mining giant Anglo American tumbled 3.5 percent after cutting its diamond production guidance.

Associated British Foods soared 9.5 percent. The Primark owner lifted its annual profit guidance after reporting a 39 percent jump in first-half profit.

Home builder Taylor Wimpey rose about 1 percent after reaffirming its outlook for 2024.