Source - SMW
The FTSE 100 rallied 0.9% to 7,555 following the Bank of England's decision to hike interest rates for the first time in a decade.

The news caused a sharp 1.3% drop in the value of the pound against the dollar as the markets expected a more hawkish tone from the Bank of England. Weaker sterling is typically taken well for the majority of FTSE constituents as they generate the bulk of their earnings overseas.

In the blue chip index, Royal Dutch Shell (RDSB) and National Grid (NG.) jumped 2.4% and 1.8%, respectively.

It was a reversal of fortunes for miners, with Antofagasta (ANTO) and BHP Billiton (BLT) rising 2.4% and 2.7%, respectively.

The construction sector in the UK returned to growth as the Purchasing Managers' Index rose from 48.1 in September to 50.8 in October according to IHS Markit. A reading over 50 signals growth while one under 50 implies contraction.

Brent crude oil was broadly unmoved at $60.47 per barrel. 

OVERSEAS MARKETS

In the US, the markets were mostly in negative territory ahead of President Donald Trump's anticipated appointment of Jerome Powell as the new chair of the Federal Reserve. Investors were also eager for more details concerning Trump's tax reform.

As of 4:30pm UK time, the tech-heavy Nasdaq suffered the biggest hit, down 0.2% to 6,705.

MID AND LARGE CAP RISERS AND FALLERS

Kitchen seller Howden Joinery (HWDN) maintained full year guidance despite a difficult consumer backdrop and other big retailers suffering profit warnings this year. The company revealed a strong trading update and focused on driving volumes between 12 June and 28 October, causing the shares to rally 10.1% to 454.1p.

UK supermarket Morrisons (MRW) struggled as 2.5% like-for-like growth, excluding fuel, was slower than the strong pace set at the start of 2017. Shares in the grocer ticked 0.5% lower to 222.9p.

Softcat (SCT), Dunelm (DNLM) and Ashmore (ASHM) were weaker as they went ex-dividend.

Sugar seller Tate & Lyle (TATE) revealed a 13% jump in pre-tax profit to £169m, thanks to volume growth in its speciality food ingredients and bulk ingredients divisions and currency movements. Full year profits are expected to beat previous expectations, driven by the good performance in the first half, pushing the stock 1.6% higher to 675.5p.

Acacia Mining (ACA) remained in the doldrums, down 4.1% to 174.5p, following the resignation of its chief executive and chief financial officer. Acacia suffered a difficult year after the Tanzanian government banned the exports of unprocessed ore.

Broadband provider BT (BT.A) said sales fell by 1% to £5,949m in the six months to 30 September and underlying revenue was down 1.5%. The full year outlook was maintained, although this didn't stop the shares dipping 2.6% to 253.6p.

Gambling firm GVC (GVC) sold its Turkish operations for €150m to increase its focus on regulated markets, but this failed to spark the share price at 937.2p.

RSA Insurance (RSA) fell short of third quarter growth as hurricane losses in the US and Caribbean dragged on performance, The UK also struggled with hurricane costs, but underwriting for Scandinavia, Canada, Ireland and the Middle East were ahead. Investors focused on the negatives as the stock retreated 0.2% to 631.4p.

FTSE 250 member Intu Properties (INTU) remained condiment of delivering further growth in like-for-like net rental income next year, causing the shares to climb 4.1% to 221.8p.

SMALL CAP RISERS AND FALLERS

Playtech (PTEC) warned that its full year performance will be approximately 5% below market expectations due to the impact of specific Asian markets and poor Sun Bingo performance. Shares in the gambling software developer plummeted 21.8% to 770.9p.

AIM listed Elektron Technology (EKT) sparked 12,4% higher to 19.2p on strong third quarter trading, with sales increasing 34% compared to the same period last year.