London's FTSE 100 gains, parliamentary votes on Brexit process eyed

  • Reuters
  • Stock Market News
London's FTSE 100 gains, parliamentary votes on Brexit process eyed
Credit: © Reuters.

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* FTSE 100 up 0.2 pct

* FTSE 250 up 0.3 pct

* Miners, financials top boosts

* Debenhams surges on Sports Direct's possible bid

* Midcap Avast drops after discounted stake sale

March 27 (Reuters) - Financials and mining stocks supported the British blue-chip index on Wednesday as investors awaited indicative votes on a series of alternate Brexit options in parliament.

The FTSE 100 .FTSE edged 0.2 percent higher and the FTSE 250, which is more domestically focused, was up by 0.3 percent at 0822 GMT.

Barclays BARC.L , Royal Bank of Scotland RBS.L and Lloyds LLOY.L were all higher with CMC Markets analyst Michael Hewson attributing gains to hopes that lawmakers could agree a possible next course of action which could lead to a softer Brexit.

Prime Minister Theresa May is also set to address her Conservative lawmakers, possibly to set out a timetable for her departure to win parliamentary support for her controversial Brexit deal after being heavily defeated twice in parliament.

Sterling lost ground amid all the Brexit uncertainty.

But companies with a greater exposure to China including HSBC HSBA.L and Burberry BRBY.L advanced in early deals, while miners .FTNMX1770 also rose as most base metals were higher with investors focussing on tight inventories and the resumption of U.S.-Sino trade talks. department store chain Debenhams DEB.L surged more than 50 percent to 3.7 pence, below the 5 pence a share possible buyout offer from Mike Ashley's Sports Direct SPD.L . Sports Direct gained nearly 3 percent. midcaps, cyber security firm Avast AVST.L slipped 5 percent after a heavily discounted share sale while Georgian lender TBC Bank TBCG.L slumped 7 percent.

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