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FTSE 100 gains on bank boost, midcaps buoyed by Indivior

© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

(Reuters) – The FTSE 100 edged higher on Wednesday, propped up by bank stocks after strong January inflation data raised expectations of another rate hike, while gains in pharmaceutical firm Indivior lifted the midcap index.

The benchmark midcap index rose 0.4% in early trade, with Indivior the top boost, up 6.6%. The opioid addiction treatment maker said it was exploring a secondary listing in the United States, its biggest market, after a rise in annual sales helped by its newer injectable therapy.

The blue-chip FTSE 100 index added 0.2%, with banks among the top boosts to the index after data showed UK inflation rose at its fastest pace in nearly 30 years in January.

The Bank of England has already raised interest rates twice since December to rein in inflation, with Wednesday’s reading fortifying bets that on a further rate rise to 0.75% or 1% in March.

FTSE 100 gains on bank boost, midcaps buoyed by Indivior

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