London FTSE 100 zooms to record high on AstraZeneca COVID-19 vaccine withdrawal, wait for Bank of England rate decision

London's benchmark FTSE 100 stock index opened at a record high on Wednesday led by AstraZeneca, after the drugmaker initiated a worldwide withdrawal of its COVID-19 vaccine, while investors awaited the Bank of England's interest rate verdict.

By 07:07 GMT, the blue-chip FTSE 100 edged up 0.4% at 8,345.31 to climb another all-time peak.

Also Read | ITC, HDFC Bank, Paytm among 300 BSE 500 stocks that are over 10% below their 52-week highs. Time to cut equity exposure?

The mid-cap FTSE 250 gained 0.1%, set to rise for a third straight session. Both indexes have recorded consistent gains on a weaker pound that slipped 0.2% against the dollar.

AstraZeneca advanced 1.1% after the drugmaker said it initiated a worldwide withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

Also Read | Q4 results today: L&T, Tata Power, BSE, TVS Motor, Hero Motocorp, and Canara Bank to report Q4 earnings on May 8

All eyes will be on the BOE's interest rate decision on Thursday, where it is widely expected to keep rates unchanged. However, dovish bets have risen recently, with markets pricing in a first rate cut in August.

Shell inched 0.2% higher, after the energy giant agreed to sell its refinery and petrochemical assets in Singapore to a joint venture between Indonesia's PT Chandra Asri Pacific and Glencore

Also Read | Nifty 50 tumbles over 600 points in 4 sessions on heightened volatility amid Lok Sabha elections, down 1.65% in May

JD Wetherspoon was up 3.6%, as the pub group forecast profit to be towards the upper end of market expectations, after it posted higher sales in third quarter.

Disclaimer: This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.