UK stocks edge higher, M&S slides on gloomy outlook

London's blue-chip index rose on Wednesday as the global mood steadied after a selloff a day earlier on slowdown worries, while Marks & Spencer slid after warning about its outlook due to rising cost pressures and economic uncertainty. Marks & Spencer dropped 3.6% as it joined rivals in cautioning on the outlook for the current year amid a worsening cost-of-living crunch.

London's blue-chip index rose on Wednesday as the global mood steadied after a selloff a day earlier on slowdown worries, while Marks & Spencer slid after warning about its outlook due to rising cost pressures and economic uncertainty. The exporter-heavy FTSE 100 rose 0.6% by 0707 GMT, with commodity majors providing the biggest boost.

Glencore Plc gained 2.1% after the global miner said it anticipates paying up to $1.5 billion to settle accusations of bribery and market manipulation. Power company SSE Plc climbed 4.6% after reporting a 23% surge in annual profit and said it was investing significantly more than it was making in profit to help reduce dependency on imported gas.

Its stock shed almost 8% on Tuesday, hit by a report that the British government is planning windfall taxes on power generators. Imperial Brands rose 2.8% after Goldman Sachs upgraded the stock to "buy".

The domestically focussed midcap index added 0.8%, with pet supplies retailer Pets at Home jumping 6.6% to the top of the index after reporting annual results. Marks & Spencer dropped 3.6% as it joined rivals in cautioning on the outlook for the current year amid a worsening cost-of-living crunch.

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