finance

AstraZeneca, commodity stocks pull FTSE 100 higher; Tesco caps gains



© Reuters. A trading screen is seen following the opening of the markets by British Chancellor of the Exchequer Philip Hammond and Chinese Vice-Premier Hu Chunhua at the London Stock Exchange in London

(Reuters) – London’s edged higher on Wednesday helped by gains in heavyweight mining and oil stocks and AstraZeneca (NASDAQ:) shares, while Tesco (LON:) slipped to the bottom of the index after reporting a 20% drop in full-year pretax profit.

The blue-chip index rose 0.1% with drugmaker AstraZeneca Plc adding 1.5% after China’s health regulator approved Tagrisso, its lung cancer treatment, as adjuvant treatment for patients with early-stage lung cancer.

Miners rose, with Glencore (LON:) Plc adding 1.7% after Goldman Sachs (NYSE:) upgraded the stock to “buy” from “neutral”.

Oil and gas stocks rose 0.1% on tracking higher crude prices. [O/R]

However, gains were capped by Britain’s biggest retailer Tesco which tumbled 4.1% as the cost of adapting the business for a pandemic wiped out its “exceptionally strong” sales.

The domestically focussed mid-cap traded 0.1%.

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