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* M&S surges on first-half profit beat and FY outlook hike
* Broadcaster ITV jumps on strong outlook for ad revenue
* Halfords rises after upgrading FY earnings forecast
* FTSE 100 up 0.9%, FTSE 250 adds 0.3%
(Updates to close)
By Bansari Mayur Kamdar
Nov 10 (Reuters) - London's FTSE 100 rose to its best
session in nearly a month on Wednesday, aided by a weaker pound
and gains in banks, while Marks & Spencer surged after the
retailer beat first-half profit forecasts and upgraded its
annual forecast.
The export-heavy FTSE 100 gained 0.9%, with large
dollar earners including Diageo, Unilever,
British American Tobacco, Reckitt Benckiser
boosted by a weaker pound and banks up 0.9%.
Sterling fell 0.55%, extending losses after U.S. consumer
prices recorded their largest year-on-year advance since
November 1990.
Meanwhile, precious metal miners recouped
early losses to end 3.6% higher following the U.S. inflation
data, fuelled by an over 1% rally in gold, considered a hedge
against rising prices.
Marks & Spencer surged 16.5% to its highest since
January 2020, helping the domestically focussed FTSE 250
advance 0.3%, after the clothing and food group raised its
full-year outlook for the second time this year.
"Their online aspects are really encouraging, as well as the
food business. M&S has been weathering this difficult phase very
well and that is why we're seeing such a strong rebound in the
share price," said Craig Erlam, a market analyst at Oanda.
The FTSE 100 is up 13.4% this year but has underperformed
its European and U.S. peers amid fears over inflation, supply
chain problems and surging energy costs.
Heavyweight drugmaker AstraZeneca gained 1.0% after
it announced plans to create a separate division for vaccines
and antibody therapies.
Cycle retailer Halfords Group Plc jumped 19.8% after
it raised its full-year earnings forecast as supply chain
disruptions were beginning to ease.
ITV, Britain's biggest free-to-air commercial
broadcaster, advanced 15.1% and was the top gainer on the index
after saying it expected to deliver record total advertising
revenue this year.
(Reporting by Bansari Mayur Kamdar and Amal S in Bengaluru;
Editing by Subhranshu Sahu and Bernadette Baum)
