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(Reuters) – London stocks inched higher for a second session on Wednesday, boosted by financial stocks and corporate earnings, as markets stabilized after a global stocks rout earlier this week.
The blue-chip FTSE 100 index was up 0.7%, while the mid-cap FTSE 250 index added 0.6% by 0710 GMT.
Banks jumped 1.4% and were among the top gainers. They rose 0.4% in the previous session.
The investment banking and brokerage sector was up 1.7%, lifted by a 4.5% advance in wealth manager Quilter after it beat half-year earnings forecasts and reported stronger net inflows of cash.
Inter-dealer broker TP ICAP surged 10% after a rise in its half-year pre-tax profit, further supporting the sector. The stock topped the FTSE 250 index.
Homebuilders advanced 1.3% after data showed that housing prices in the country rose by the most in six months in July.
On the other hand, precious metal miners inched 0.1% lower, although gold prices held steady after a decline in the previous session. [GOL/]
Recessionary fears in the United States after weak economic data last week had triggered a market meltdown on Monday, sending investors scrambling for safe-haven assets.
However, positive U.S. data and comments from Federal Reserve policymakers helped global markets make up most of their losses on Tuesday.
WPP fell 1.3% after the ad group cut its annual revenue growth forecast and agreed to sell its controlling stake in FGS Global to KKR for $775 million.
Bottler Coca-Cola HBC fell 2.3% despite boosting its annual operating profit and revenue forecast and a higher first-half revenue.
