Melrose lifts FTSE 100 ahead of Sunak's spending plan announcement

The blue-chip index edged 0.4% higher, with turnaround specialist Melrose Industries Plc jumping 7.1% after saying it is currently trading at the top end of the board's expectations for 2020. The domestically-focused mid-cap FTSE 250 fell 0.3%. ($1 = 0.7475 pounds)

London's FTSE 100 rose on Wednesday, buoyed by Melrose Industries after it gave an upbeat trading update, with the focus also turning towards Britain's one-year spending plan announcement later in the day. The blue-chip index edged 0.4% higher, with turnaround specialist Melrose Industries Plc jumping 7.1% after saying it is currently trading at the top end of the board's expectations for 2020.

The domestically-focused mid-cap FTSE 250 fell 0.3%. Finance minister Rishi Sunak, who has already pledged over 200 billion pounds ($267.56 billion) to fight the COVID-19 crisis, will announce extra investment to ease a backlog in the health system, counter a surge in unemployment and build new infrastructure in a Spending Review due to parliament around 1230 GMT.

Virgin Money UK Plc slipped 5.3% after the lender posted a 77% drop in annual underlying pre-tax profit on a 501 million pound bad loan charge. ($1 = 0.7475 pounds)

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