FTSE 100 gains as commodity-linked stocks jump

Industrial metal miners led gains as copper prices surged after default fears around property giant China Evergrande eased. The domestically focussed mid-cap index added 0.5% higher, with Oxford Biomedica being the top gainer on a 50 million pound ($68.24 million) investment from Serum Institute of India.

London's FTSE 100 rose on Wednesday, boosted by heavyweight energy and mining stocks, with investors awaiting key central bank policy meetings this week for clues about the timelines for tapering in the pandemic-era stimulus. The benchmark FTSE 100 jumped 1.1% after recording its best session in two months on Tuesday. Industrial metal miners led gains as copper prices surged after default fears around property giant China Evergrande eased.

The domestically focussed mid-cap index added 0.5% higher, with Oxford Biomedica being the top gainer on a 50 million pound ($68.24 million) investment from the Serum Institute of India. Easing lockdowns and travel restrictions coupled with higher commodity prices have helped the FTSE 100 gain 1.3% so far this week. Investors now await the outcome of the U.S. Federal Reserve's meeting later in the day and the Bank of England's rate decision on Thursday.

Over-50s holidays group Saga Plc rose 1.4% after it posted a small profit for the first half, compared with a loss a year earlier. Imperial Leather soap maker PZ Cussons dropped 6.7% to the bottom of the mid-cap index after first-quarter revenues declined.