FTSE 100 Advances; Bank, Mining Stocks Move Higher

(RTTNews) - UK stocks are up firmly in positive territory in late morning trade on Wednesday amid easing concerns about U.S. tariffs after comments from some top US officials hinted at possible relief from the planned 25% tariffs on Canadian and Mexican imports.

News about the European Union agreeing to increase spending on defense and infrastructure, and data showing a marginal uptick in UK's services sector activity in the month of February also contribute to the positive sentiment in the market.

Bank and defense stocks are turning in a fine performance. Several stocks from the mining sector are also notably higher.

The benchmark FTSE 100, which climbed to 8,636.15, was up 38.46 points or 0.44% at 8,797.46 a few minutes ago.

Antofagasta, Fresnillo, Barclays Group, Mondia and Easyjet are gaining 4.5 to 5.4%.

Melrose Industries, Prudential, Glencore, Ashtead Group, Convatec Group, Smurfit Westrock, Anglo American Plc, Schrodders, Weir Group, Lloyds Banking Group, Diageo, Scottish Mortgage, Whitbread and Vistry Group are gaining 3.5 to 4%.

Diploma, Croda International, Kingfisher, Entain, BAE Systems, IMI, Natwest Group, B&M European Value Retail and Flutter Entertainment are also up sharply.

National Grid, Severn Trent, British American Tobacco, Haleon, United Utilities, GSK, SSE, Imperial Brands, BT Group, Unilever, Land Securities, Londonmetric Property and Segro are down 1.3 to 3.5%.

On the economic front, the S&P Global UK Composite PMI dipped slightly to 50.5 in February 2025, down from 50.6 in the previous month, signaling marginal economic growth. Expansion in the services sector continued to offset a sharp decline in manufacturing output.

The S&P Global UK Services PMI rose to 51 in February 2025 from 50.8 in the previous month, revised higher from the flash estimate of 51.1.

A report from the Society of Motor Manufacturers and Traders Limited (SMMT) said new passenger car registrations in the UK declined by 1% year-on-year to 84,054 units in January 2025, marking the fifth consecutive month of falling sales.