LONDON, Feb 9 — UK shares were boosted today by upbeat earnings and forecasts from drugmaker GSK and homebuilder Barratt, and positive sentiment also spilled over from a Wall Street rally overnight.
Barratt Developments Plc added 2.6 per cent as it expects to build 250 more homes than its previous annual forecast, which would also cross pre-pandemic levels, easing concerns about demand in UK’s housing market. Value-oriented sectors including miners, energy and banking firms that were battered during the pandemic have been picked up by investors recently, allowing the FTSE 100 index to outperform the wider European STOXX 600 index so far this year.
“In the present scenario, the London market is underweight and hence is in a position to attract high valuation.”
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