British midcaps gain as investors hope for post-pandemic recovery

London's mid-cap index inched higher on Wednesday as investors clung to hopes of more stimulus and a pickup in economic activity in the second half of the year, shrugging off concerns about more possible lockdowns following a surge in COVID-19 cases. The domestically focussed FTSE 250 was up 0.4% after closing Tuesday with its best quarter in eight years, partly on the back of historic global monetary and fiscal stimulus. Early gains were led by the auto, energy and retail sectors.

The export-heavy FTSE 100 dipped 0.1%, tracking weakness in Asian stocks following a spike in coronavirus infections. Upper Crust owner SSP tumbled 3.8% to the bottom of the FTSE 250 after saying it could cut about 5,000 jobs in a proposed restructuring of its UK business due to very low passenger numbers.

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