29.10.202616:40:26UTC+00FTSE 100 Edges Up for 2nd Day

The FTSE 100 inched higher on Thursday, posting gains for a second consecutive session. Shell rose 1.7% after unveiling a $5 billion share buyback for the fourth quarter, up from $3 billion previously. The group reported robust refining margins and stronger earnings, supported by market disruptions stemming from the conflict involving Iran and the ongoing Russia-Ukraine war. BP also advanced 0.7%.

Pharmaceutical heavyweight AstraZeneca added more than 2% ahead of its results due tomorrow. In the defence and aerospace sector, BAE Systems climbed around 3%, while engine-maker Rolls-Royce gained 1.7%.

By contrast, consumer healthcare group Haleon slumped 15% after cutting its full-year revenue guidance, even as it announced plans for share repurchases of up to £500 million. Lloyds Banking Group dropped more than 5% despite beating third-quarter profit forecasts, as investors were left underwhelmed by unchanged guidance. The bank’s net interest income rose 10% year on year to £3.8 billion.