Commodity, bank stocks lift UK shares higher ahead of budget

  • Reuters
  • Stock Market News
Commodity, bank stocks lift UK shares higher ahead of budget
Credit: © Reuters.

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* FTSE 100 up 1.0%, FTSE 250 adds 0.6%

March 3 (Reuters) - British shares rose on Wednesday, buoyed by gains in commodity and banking stocks, while investors awaited Finance Minister Rishi Sunak's budget plan as the country tries to recover from a coronavirus-inflicted economic shock.

The blue-chip FTSE 100 index .FTSE rose 1.0%, with mining stocks including Rio Tinto RIO.L , Anglo American (JO: AMSJ ) AAL.L and BHP BHPB.L gaining between 1% and 1.6%. OR

Banking stocks, mainly HSBC Holdings Plc HSBA.L , Prudential Plc PRU.L and Standard Chartered Plc STAN.L were among the biggest boost to the index, followed by oil heavyweights BP BP.L and Royal Dutch Shell RDSa.L .

Sunak will promise to do "whatever it takes", including a five-month extension of Britain's huge jobs rescue plan, to steer the economy through what he hopes will be the final months of COVID-19 restrictions. domestically focused mid-cap FTSE 250 index .FTMC rose 0.6%, led by industrials stocks.

Polymetal POLYP.L , one of Russia's largest gold and silver producers, rose 4.3%, after posting a record high net earnings of $1.1 billion in 2020 on stronger global prices for precious metals. second-largest homebuilder, Persimmon PSN.L , fell 0.6%, as it reported a 25% slump in annual pre-tax profit.

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