UK stocks ended on a high on Tuesday, following the announcement that private sector activity in the country has grown for the sixth month in a row this April. According to these statistics, the Composite PMI rose from 52.8 to 54.0, reaching an 11-month peak.
In other economic news, the UK's public sector net borrowing saw a decrease at the end of the financial year in March. However, figures from the Office for National Statistics suggest it remains significantly above the official estimate.
Reaping the benefits of this economic progress was the FTSE 100, which saw a rise of 26 points or 0.3 percent, standing at 8,050. This follows a 1.6 percent rise on Monday, which was a record close. Market optimists are expecting the Bank of England to make two interest rate cuts this year.
In the retail sector, JD Sports Fashion saw an increase of more than 6 percent due to its proposed acquisition of Hibbett. This move values the American-based sports retailer at $1.08 billion. On the other hand, mining conglomerate Anglo American suffered a 3.5 percent fall after announcing a decrease in diamond production guidance.
Associated British Foods, owner of Primark, saw a significant rise of 9.5 percent. The company raised its annual profit guidance, following a 39 percent surge in profits for the first half of the year. Home construction company Taylor Wimpey also rose by 1 percent after reasserting its outlook for 2024.
