Economic news

Miners, Oil Majors Boost FTSE 100 up ahead of Factory Data

* FTSE 100 up 0.4%, FTSE 250 adds 0.4%

June 1 (Reuters) - London’s FTSE 100 index edged higher on Tuesday, helped by gains in heavyweight commodity stocks, while investors awaited a monthly reading on factory activity to gauge the pace of the country’s economic recovery.

The blue-chip index rose 0.4%, with base metal miners gaining 2.5% as they tracked higher copper and iron ore prices.

Oil majors BP and Royal Dutch Shell also added more than 0.5% each after Brent crude topped $70 on favourable demand outlook.

The domestically focused mid-cap FTSE 250 index advanced 0.4%.

Wickes Group added 3.1% after the do-it-yourself retailer said its sales had surged in April, resulting in total like-for-like growth in the 21 weeks to May 22 at 46% compared with the same period a year ago.

Mortgage lender Nationwide said British house prices jumped by an annual 10.9%, the most in nearly seven years, and they look set to accelerate further as people seek new homes after the COVID-19 pandemic. The wider homebuilders index rose 1.1%.

Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V

Source: Reuters

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