FX.co ★ FTSE 100 Rises for 3rd Session

On Wednesday, the FTSE 100 advanced, nearing its record highs, although it lagged behind its European counterparts. The pharmaceutical sector led the gains, with AstraZeneca appreciating by 3% and GlaxoSmithKline increasing by more than 2%, while Unilever added 2% to its value. In other sectors, Evoke, a gambling group, surged after announcing a 44% increase in earnings despite just a 3% rise in revenue. The company attributed this to effective cost savings and improved marketing strategies. Although revenue in the UK and Ireland declined following Euro 2024, earnings there increased, and international sales saw a 13% rise. Conversely, Persimmon's shares declined despite reporting higher revenue, stable profits, a 4% increase in housing completions, and a 7% rise in average selling prices. The company maintained its guidance despite existing market uncertainties. Meanwhile, Beazley saw a drop of over 10% after it revised its full-year premium growth forecast down to low-to-mid single digits. This adjustment came as the first half of the year exhibited only a 2% growth compared to 6.9% from the previous year, attributed to a softening insurance market marked by high supply and increased competition.