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Publish Date: Wed, 11 Sep 2024, 07:36 AM
- FTSE 100 up 0.1%, FTSE 250 adds 0.2%
- Mining stocks lead gains
- Rentokil falls on plans to slash jobs
- UK economy shows no growth in July
Sept 11 (Reuters) - London stocks edged higher on Wednesday, supported by precious and base metal miners, while investors maintained a cautious stance ahead of a crucial U.S. inflation print later in the day.
The blue-chip FTSE 100 (.FTSE) , opens new tab was up 0.1%, as of 0712 GMT, while the mid-cap FTSE 250 (.FTMC) , opens new tab added 0.2%.
Industrial (.FTNMX551020) , opens new tab and precious metal miners (.FTNMX551030) , opens new tab inched 1.8% and 1.4% higher, respectively, the biggest gainers in the index, as a softer dollar and rate-cut optimism lifted copper and gold prices.
Heavyweight energy shares (.FTNMX601010) , opens new tab gained 1.2% after oil prices climbed, as concerns about Hurricane Francine disrupting output in the United States, the world's biggest producer, outweighed worries about weak global demand.
On the flip side, industrial support services stocks (.FTNMX502050) , opens new tab led declines with a 2.4% loss.
The sector was pulled down by Rentokil Initial (RTO.L) , opens new tab, which slipped 17.8% after the pest control company announced jobs cuts to address cost overruns.
Data showed Britain's economic production grew by less than expected in month-on-month terms in July, showing no change after zero growth in June.
"The figures are not bad enough to change the course the BoE is sailing on. An unexpected (cut) or a cut that's too large might be a signal to investors that the economic prognosis is significantly worse," said Nick Saunders, chief executive officer of trading platform Webull UK.
Investors awaited the release of U.S. consumer prices index (CPI) numbers for more clues on the stance of the Federal Reserve on rate cuts this year after economic data last week did little to clear the uncertainty.
Rightmove (RMV.L) , opens new tab fell 2% after the real estate portal rejected the 5.6 billion pound ($7.32 billion) cash-and-stock takeover proposal from Australia's REA Group (REA.AX) , opens new tab.
Shares of WH SMith (SMWH.L) , opens new tab jumped 12% after the company reported a higher annual revenue and announced a buyback plan worth 50 million pounds.
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https://www.reuters.com/world/uk/ftse-100-inches-higher-commodity-strength-us-data-focus-2024-09-11/