London stocks edge up on upbeat AstraZeneca earnings

British equities edged higher on Friday as strong gains in the pharmaceutical sector, driven by upbeat quarterly results from AstraZeneca (NASDAQ:AZN), offset concerns about the impact of higher interest rates on economic growth.

The blue-chip FTSE 100 added 0.1% by 0717 GMT, hovering around its highest level in nine weeks. Meanwhile, the midcap FTSE 250 index dipped 0.3% after rising for three consecutive sessions.

The biggest gainer on the FTSE was the pharmaceutical sector, which rose 1.9% after AstraZeneca beat expectations for its second-quarter profit. The stock climbed 3.0%.

Rate-sensitive real estate sector lost 0.9% as UK 10-year gilt yield rose to 4.392%, its highest since July 18 in early trade, after Bank of Japan tweaked its yield control policy during its monetary policy review.

Standard Chartered (LON:STAN) Plc rose 5.0% after the Asia-focussed lender upgraded its annual profit forecast and set a new $1 billion share buyback after a strong first-half performance.

British Airways (LON:ICAG) operator IAG gained 2.0% as its quarterly profit beat analyst forecasts by 40% and it said it was encouraged by the outlook for the summer.