- Miners, life insurers boost UK stocks
- Bank of Georgia, Rotork lift FTSE 250
- UK's PMI shows slump in factory output in August
- Reckitt Benckiser rises after co says CFO to retire
- FTSE 100 up 0.5%; FTSE 250 adds 0.7%
Aug 23 (Reuters) - UK stocks advanced on Wednesday, helped by gains in miners and life insurers, while Bank of Georgia and Rotork lifted mid-caps on brokerage actions.
The exporter-heavy FTSE 100 rose 0.5% by 0815 GMT, while the midcap FTSE 250 index was up 0.7%. Both indexes were on track for a second straight session of gains.
UK stocks bounced on Tuesday from a recent brutal sell-off triggered by data pointing to persistent inflationary pressures, fuelling fears of further rate hikes by the Bank of England.
"There was probably a bit of profit-taking earlier in the month, which is why we saw stock markets pulling back and why we're seeing them fluctuating a lot at the moment," said Craig Erlam, a senior market analyst at OANDA.
Shares of life insurance companies climbed 1.7% to lead sectoral gains. It has been one of the most beaten-down sectors so far this year, falling nearly 14%.
Precious metal miners gained 1.3%, tracking gold prices.
Bank of Georgia rose 2.9% after brokerage Jefferies more than doubled its price target to 5,900 pence from 2,120 pence, the highest among six analysts covering the stock, according to Refinitiv. Banks climbed 0.8%.
Also lifting mid-caps, Rotork gained 3.7% after brokerage Peel Hunt upgraded the stock to "buy" from "add".
Both Bank of Georgia and Rotork were among the top gainers on the FTSE 250.
Meanwhile, Britain's economy looks on course to shrink during the current quarter and risks falling into a recession, as a survey showed a slump in factory output and broader weakness in the face of higher interest rates.
In corporate news, Reckitt Benckiser said Chief Financial Officer Jeff Carr would retire in March 2024 and be replaced by Nike's Shannon Eisenhardt. Its shares were up 1%.
Reporting by Siddarth S in Bengaluru; Editing by Subhranshu Sahu
Source: Reuters