The FTSE 100 gained on Thursday as macroeconomic concerns took a back seat and investors focused on corporate earnings.
Upbeat releases from Taylor Wimpey, Autotrader and AstraZeneca helped the FTSE 100 higher by 0.7% at the time of writing.
The housebuilders were once again in focus after Taylor Wimpey reiterated their operating profit guidance for the full year. Persimmon had earlier this week increased their completion forecasts for the year.
After nearly two years of steepening borrowing costs and high inflation, housebuilders are benefitting from increased sentiment after the BoE paused rate hikes.
Taylor Wimpey shares were 2.5% higher at the time of writing.
AstraZeneca shares were doing a lot of the heavy lifting on Thursday, adding a significant number of points to the FTSE 100 with a 3.5% gain.
The pharma giant increased its sales and profit outlook after their obesity and oncology drugs were met with strong demand.
“AstraZeneca continued to show its strong suit in oncology treatments with its third quarter update and this was the key driver behind an increase in profit guidance,” said Russ Mould, investment director at AJ Bell.
“Alongside these encouraging numbers the company spent $2 billion on an exclusive licence for an oral weight-loss drug candidate, Eccogene.
“While this might be perceived as an attempt to jump on the coat tails of the likes of Novo Nordisk and Eli Lilly in what has become a booming market, AstraZeneca has form for adding strings to its bow – prior to the Covid pandemic it was not considered to have any particular expertise in vaccines, for example.”
Autotrader was the FTSE 100 top gainer, adding over 8%, after announcing group revenue increased 12% in the first half.
