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FTSE 100 up 0.4%, FTSE 250 adds 0.2%
May 11 (Reuters) - UK's FTSE 100 index edged up on Thursday as a decline in the pound boosted shares of export-oriented firms ahead of the Bank of England's (BoE) interest rate decision.
Traders are betting on the BoE to announce a 25 basis point (bp) rate hike at 1100 GMT, taking borrowing costs to their highest level since 2008 as the central bank battles double digit inflation. The blue-chip FTSE 100 rose 0.4% as healthcare stocks and consumer staples firms including Unilever Plc surged after the pound dropped. The currency had hit a five-month high on Wednesday. The more domestically-focussed mid-cap FTSE 250 added 0.2% by 0718 GMT. ITV Plc fell 3.3% and hit a nearly five-month low after the broadcaster reported a 10% drop in its total advertising revenue in the first three months of 2023. Among other losers were HSBC Holdings Plc , BP Plc and Tesco Plc , dropping between 0.6% and 2% as the stocks traded ex-dividend.
(Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi Aich)
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