Sept 29 (Reuters) - London's FTSE 100 rose on Tuesday, lifted by pharmaceutical stocks after AstraZeneca agreed to take a $2 billion stake in Summit Therapeutics to advance cancer research.
The blue-chip FTSE 100 index rose 0.34% to 10,721.48 points by 0925 GMT, while the midcap FTSE 250 climbed 0.24%.
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Pharma sector advanced 1.5%. AstraZeneca gained 1.7% to a two-month high after it said it would invest $2 billion in Summit Therapeutics and collaborate on a series of studies testing their cancer treatments together. Peer GSK also climbed 1.7%
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Industrial metals rebounded 1.3% after falling more than 1% on Monday, tracking a recovery in copper prices. Miners Glencore and Anglo American added 1.6% and 1.7%, respectively
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Oil prices rose, leading traders to sharply reprice interest rate expectations and keeping global bond yields at multi-decade highs
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Still, the yield on the British benchmark 10-year gilt eased on Tuesday after climbing to its highest level since 2007 in the previous session
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Among other movers, Vesuvius surged 21.7%, topping the FTSE 250 after Austria-based RHI Magnesita N.V proposed to buy the metal flow engineering firm in a cash-and-stock bid
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British American Tobacco slipped 1.7% after warning its annual growth is likely to come in at the lower end of its forecast range
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Close Brothers jumped 11.2% after the lender reported annual adjusted operating profit of £120.3 million ($159.08 million), ahead of a company-compiled consensus of £111 million
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On the data front, British shop price inflation slowed slightly in September despite cost pressures on retailers from the Iran war, according to a survey from the British Retail Consortium, prompting calls for greater government support
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Investors are also awaiting second-quarter GDP data due later this week for clues on the health of the UK economy
($1 = 0.7562 pounds)
Reportng by Anand Gopal in Bengaluru; Editing by Sahal Muhammed
Source: Reuters