London rose slightly 0.03% after the UK rate hike

LONDON, Aug 4 The London Stock Exchange closed the session on Thursday 0.03% higher, after the Bank of England raised interest rates from 1.25% to 1.75% due to the potential for inflation to exceed 13% this year.

The FTSE-100, the main index in the British capital, advanced 2.38 points, to 7,448.06 integers, while the FTSE-250 minor index rose 0.68%, 136.92 points, to 20155.76 integers.

At the close of the stock exchange, the pound lost 0.56% against the euro, to 1.1882 euros, and fell 0.01% against the US dollar, to 1.2136 dollars.

The UK’s Office of Budget Responsibility (OBR), an independent advisor to the government, predicts rates could reach 3.5% if inflation continues to rise.

On the London floor, sports betting company Entain led the gains, advancing 4.95%, while Flutter Entertainment in the same sector was up 4.02%. Anglo-American miner gained 3.17%, pharmaceutical company Dechra Pharmaceuticals gained 3.11% and Glencore Mining gained 3.07%.

On the other hand, car company Rolls Royce Holdings topped the losses, falling by 8.97%, pharmaceutical company Hikma Pharmaceuticals shedding 6.33%, Mondi Packaging and Paper Group by 5.03%, telecoms company Airtel Africa and BT Group 3.31%. 3.28% respectively. EFE

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