(Reuters) – UK’s benchmark stock indexes rose on Wednesday, swept up in a global risk-off move, with gains in banks and mining stocks pushing the blue-chip FTSE 100 to an over one-week high.
The blue-chip index was up 0.6% by 10.53 GMT, touching its highest since February 19. British midcaps also climbed 0.9%.
Banks were the biggest boost on the FTSE 100, with mortgage lender Lloyds up 3.2%, after at least two brokerages raised their price target on the stock.
Metro Bank gained 1.3% after the lender said it has signed an agreement to sell a portfolio of about 584 million pounds ($739 million) of unsecured personal loans.
Industrial metal miners advanced 0.8%, as copper prices remained elevated though there was caution after U.S. President Donald Trump ordered a probe into potential new tariffs on copper imports.
Medical equipment manufacturer ConvaTec Group emerged as the FTSE 100’s top performer, surging 7.4%, after reporting higher year-on-year profit.
On the flipside, Aston Martin plunged 13.3% after the luxury automaker announced a second delay in launching its first battery electric vehicle and said it plans to reduce its global workforce by 5%.
Oil major BP said it would increase its annual oil and gas investments to $10 billion, returning the focus to fossil fuels. Its shares, however, dipped 1%.
Meanwhile, the pan-European STOXX 600 climbed to a record high as sentiment remained upbeat after the U.S. and Ukraine reached an agreement on a draft minerals deal.
Market participants await comments from Bank of England’s Monetary Policy Committee member Swati Dhingra later in the day.
Traders currently see more than 56 basis-points worth of easing by the BoE this year, implying at least two 25-bps cuts by December, as per data complied by LSEG.
($1 = 0.7904 pounds)
(Reporting by Ragini Mathur in Bengaluru; Editing by Shailesh Kuber)
