FTSE 100 Modestly Higher

(RTTNews) - The U.K. market is modestly higher Wednesday afternoon, even as the mood remains cautious with investors closely following the developments on the trade front, reacting to inflation data, and also tracking corporate news for direction.

The benchmark FTSE 100 was up 29.06 points or 0.33% at 8,967.38 a little while ago.

Rio Tinto is gaining about 1.5%. The miner has advanced the timeline for shipments from its Simandou iron ore project in Guinea and reported a recovery in iron ore exports in Q2 following cyclone disruptions.

Antofagasta, which gained more than 2% earlier in the session after reporting sharp 11% jump in copper output in the first half of 2025, has pared most of its gains and was up just marginally a little while ago. Fresnillo also moved up fairly sharply before giving up some gains.

Intermediate Capital Group, Diageo, IAG, 3i Group, Hiscox, Airtel Africa, Vodafone Group, Lloyds Banking Group and Weir Group are up 1 to 3.5%.

Land Securities is down 2.1%. Unite Group, Segro, BAE Systems, Convatec Group and Croda International are lower by 1 to 1.6%.

In economic news, UK consumer price inflation accelerated unexpectedly in June to the highest since January 2024 largely due to higher transport and food costs but the Bank of England is expected to loosen its policy further, given mounting concerns over economic conditions.

The consumer price index advanced 3.6% year-on-year in June, faster than the 3.4% rise in May, the Office for National Statistics reported today. Prices were expected to climb again by 3.4% in June.

The 3.6% inflation was the highest since January 2024. Moreover, it remains well above the Bank of England's 2% target.

Core inflation that excludes prices of energy, food, alcohol, and tobacco rose to 3.7% from 3.5% a month ago.