FTSE 100 Rises Led By Pharma Stocks

U.K. stocks opened higher on Friday as signs of slowing U.S. inflation boosted bets for a Federal Reserve interest-rate cut in September.

Overall gains were capped by a strong pound, which held near a 12-month high against the dollar following encouraging GDP data released the previous day.

The benchmark FTSE 100 was up 22 points, or 0.3 percent, at 8,245 after rising 0.4 percent on Thursday.

Specialist fund manager Ashmore Group fell 2.3 percent after an update that its assets under management decreased by $2.4 billion over the period quarter ended 30 June 2024.

Drug maker AstraZeneca rose about 1 percent, after having outlined its ‘bold ambition’ to deliver $80bn revenue by 2030 during its recent Investor Day. Peer GSK rallied 1.4 percent.