LONDON: UK stocks opened higher on Friday after the previous day’s dovish outlook statement from the Bank of England kept downward pressure on the pound. A weak pound has a translational benefit for UK companies with overseas earnings. At 0856, the benchmark FTSE 100 index was up 23.55, or 0.3%, at 7,578.87. NMC Health, International Consolidated Airlines and Coca-Cola HBC were among the gainers, rising 2.0%, 1.4% and 1.5%, respectively. Lloyds and RBS were among the biggest large-cap losers, shedding 0.7% and 0.6%, respectively. Medical equipment provider Smith & Nephew added 0.1% despite announcing that it expected its full-year revenue and margin performance to be at the lower end of previous guidance, amid a 3% rise in third-quarter revenue.
Energy utility Centrica said it had acquired REstore NV, Europe’s leading demand response aggregator, for €70m in cash. Centrica shares gained 0.6%. Broking firm TP ICAP slipped 4.2% after it said third-quarter revenue rose 3%, but warned the outlook for the fourth quarter was challenging. Troubled platinum miner Lonmin tumbled 16% after announcing its annual results would be delayed while management concentrates on an operational review announced in August. Patagonia Gold lost 1.5% after cutting production guidance for its flagship Cap-Oeste project in Argentina due to equipment installation delays. Scottish Mortgage Investment Trust added 0.9% after holding its interim dividend steady.
