FTSE 100 Climbs: Banks and Mining Stocks Propel Gains

UK's FTSE 100 reached a one-week high powered by banks and mining stocks. Lloyds rose post-brokerage upgrades, while Metro Bank advanced after selling loan portfolios. ConvaTec surged on profit reports as Aston Martin fell on project delays. Market anticipates Bank of England's rate cuts.

The UK's FTSE 100 index saw an uptick on Wednesday, driven by significant gains in bank and mining stocks, reaching its highest point since February 19.

The index rose by 0.6% with midcaps following suit at a 0.9% rise. Banks like Lloyds led the surge, buoyed by positive brokerage reports, while Metro Bank also gained after announcing a deal to offload unsecured loans worth £584 million.

On the commodities front, industrial metal miners advanced due to sustained high copper prices despite potential new tariffs from the U.S. President. ConvaTec Group topped the FTSE 100 performers with a 7.4% rise on strong profit results. Conversely, Aston Martin shares plummeted due to delays in electric vehicle rollouts and workforce cuts.

(With inputs from agencies.)