FTSE 100 hits record high on strong forecasts from GSK, Next

By Avinash P

Oct 29 (Reuters) - London stocks gained on Wednesday, with the blue-chip FTSE 100 advancing to a record high for a second consecutive session, on the back of strong forecasts from drugmaker GSK and retailer Next.

The FTSE 100 .FTSE was up 0.8% to 9,779.32 points, as of 1205 GMT, also helped by a weaker pound GBP= that enhances the revenue for internationally-focused companies. The domestically-focused FTSE 250 .FTMC edged up 0.2%.

Healthcare stocks .FTUB2010 gained 2% and gave the biggest boost to the FTSE 100. GSK .GSK.L gained 3.3% after raising its 2025 sales and earnings forecasts on strong sales of its speciality HIV and cancer medicines.

Next's NXT.L shares surged 7.5% to a record high after raising its full-year profit guidance for the fourth time in eight months. The broader retail sector .FTNMX404010 surged 3%.

"Next is benefitting from a virtuous circle in its international business – strong sales are enabling more spending on digital marketing which in turn drives higher profitable sales, enabling a higher digital marketing budget, pushing sales further ahead," said Steve Clayton, head of equity funds at Hargreaves Lansdown.

The focus will now shift to the U.S. Federal Reserve's monetary policy meeting. Traders are expecting a 25-basis-point interest rate cut and will parse comments from Chair Jerome Powell for guidance on future policy path.

Among other stocks, Glencore GLEN.L gained 6.2% after the miner's third-quarter production report showed copper output surged 36% quarter-on-quarter.

Gold miner Fresnillo FRES.L advanced 6.5%, as brokerage Peel Hunt raised its target price to 1,954 pence from 1,493 pence.

Meanwhile, Bank of England data showed lenders approved more mortgages in September than in any month so far in 2025, which could help counter recent signs of wariness in the housing market ahead of Finance Minister Rachel Reeves' budget next month.

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