14.05.202615:41:49UTC+00FTSE 100 Rises for 2nd Session

The FTSE 100 inched higher on Thursday, extending gains after a 0.6% rise in the previous session, but lagged other major European indices as several heavyweight constituents traded ex-dividend, dragging on the benchmark. Political uncertainty also loomed large, with leadership questions intensifying after Wes Streeting resigned as Keir Starmer’s health secretary, stoking speculation about a potential challenge to the prime minister.

Among individual stocks, National Grid advanced more than 1% after committing at least £70 billion over the next five years to upgrade energy networks in the UK and US, despite reporting operating profit below analysts’ expectations. Burberry, by contrast, slumped more than 6%, even as it posted better-than-forecast sales, supported by robust demand from China and the Americas, and announced the appointment of William Jackson as its new chair. Private equity group 3i tumbled 14% after cautioning that escalating tensions in the Middle East would weigh on its key investment in discount retailer Action.

UK macroeconomic data offered some support to sentiment. GDP expanded by 0.6% in the first quarter, while March output rose 0.3%, defying expectations of a contraction.