London stocks inch up as traders gear up for budget

UK shares edged higher on Wednesday as investors digested a fresh batch of corporate updates, while caution in the run-up to the domestic annual budget, due later in the day, capped further gains. The blue-chip FTSE 100 was up 0.2%, as of 0826 GMT, while the mid-cap FTSE 250 added 0.5%. London Stock Exchange Group added 2.1% after a consortium of investors sold about 1.4 billion pounds worth of shares in the London bourse owner.

UK shares edged higher on Wednesday as investors digested a fresh batch of corporate updates, while caution in the run-up to the domestic annual budget, due later in the day, capped further gains.

The blue-chip FTSE 100 was up 0.2%, as of 0826 GMT, while the mid-cap FTSE 250 added 0.5%. Market participants will remain squarely focused on Finance Minister Jeremy Hunt presenting the pre-election annual budget, due at 1230 GMT, in which he is expected to provide tax cuts despite the economy facing its biggest debt burden since the 1960s.

Legal & General slid 4%, leading losses on the FTSE 100 after the life insurer missed expectations for 2023 operating profit amid tough market conditions, dashing residual investor hopes of a share buyback. Precious metal miners rose 1.3% as gold prices hovered near record-high levels on hopes of easing interest rates, while rate-sensitive real estate companies and real estate investment trusts added around 1% each.

Among other stocks, London-listed shares of Antofagasta slid 1.7% after Barclays and RBC Capital Markets downgraded the Chilean miner, while British Airways owner IAG gained 4.6% on a JP Morgan upgrade. London Stock Exchange Group added 2.1% after a consortium of investors sold about 1.4 billion pounds worth of shares in the London bourse owner.