UK equities moved higher at the start of Wednesday trading, outperforming major European peers that slipped into negative territory. Gains in commodity-related shares helped lift sentiment, while sterling recovered against the dollar after recent pressure linked to political uncertainty.
Precious metals producers were among the strongest performers as gold prices climbed. Oil majors and banking stocks also added support, pushing the benchmark index upward.
By 08:42 GMT, the blue-chip FTSE 100 was up modestly, while the pound strengthened 0.2% against the dollar to 1.3687. On the continent, Germany’s DAX fell 0.4%, with France’s CAC 40 also down 0.4%.
UK round-up
London Stock Exchange Group plc (LSE:LSEG) advanced in early trading after the Financial Times reported that activist investor Elliott Investment Management L.P. is assembling a “significant” position in the company. According to the report, Elliott has been engaging with management in an effort to enhance the exchange operator’s performance.
Meanwhile, Barratt Redrow plc (LSE:BTRW), the UK’s largest homebuilder, said first-half completions surpassed market expectations. The group delivered 7,305 homes during the period, a 7% increase on a pro-forma basis year on year, ahead of analyst forecasts of roughly 6,889 units. Despite stronger volumes, profitability came in below consensus projections. The company reiterated its full-year volume guidance but flagged ongoing margin pressures.
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