Market Analysis

British stocks opened higher on Thursday, boosted by expectations of an interest rate cut from the European Central Bank, while Antofagasta, a mining company, contributed to the gains.

As of 7:07 GMT, the FTSE 100 index rose by 0.1% to 8,258.58 points, set for a second consecutive day of increases. The pound remained stable at $1.2796.

The FTSE 250 index also climbed by 0.3%.

Investors are awaiting the ECB's monetary policy decision at 1215 GMT, and will closely analyze comments from ECB President Christine Lagarde for insights into future interest rate changes.

Yesterday, the Bank of Canada led G7 nations in initiating a cycle of interest rate cuts.

The Bank of England is expected to closely follow the ECB's upcoming rate decision, with its own meeting scheduled in two weeks.

In individual stock movements, John Wood Group surged 9% after announcing its decision to engage with Sidara regarding an improved takeover offer.

Antofagasta led gains on the FTSE 100 with a 2.5% increase following its $1.5 billion investment deal aimed at enhancing water supply at its Chilean mining operations.

Vodafone Group and National Grid were the top decliners on the benchmark index due to trading ex-dividend.

Paraphrasing text from "The Economic Times" all rights reserved by the original author.