(Reuters) – London stocks rebounded on Wednesday, supported by energy companies that tracked the rise in oil prices, while delivery platform operator Deliveroo gained on reports of takeover interest by Doordash.
The blue-chip FTSE 100 was up 0.3%, while the mid-cap FTSE 250 had gained 0.2% as of 0709 GMT.
They closed lower on Tuesday as investors stayed cautious ahead of economic data and the upcoming UK elections.
Energy heavyweights such as BP and Shell ticked higher as oil prices rose due to geopolitical risks and forecasts of an inventory drawdown in peak demand season. [O/R]
Precious and industrial metal miners were the biggest gainers with a roughly 1% jump in each.
Data-wise, investors will watch for UK gross domestic product (GDP) and U.S. personal consumption expenditure data (PCE) data, both due on Friday, for clues on the direction of interest rates in each country.
Moreover, Britain’s parliamentary elections, scheduled for July 4, are adding to the caution, with investors expecting political uncertainty to impact markets.
Among stocks, Deliveroo advanced 2.9% after U.S. meal delivery group Doordash flagged takeover interest in the company, Reuters reported.
Aston Martin rose 2% after it announced the debut of a new limited edition sportscar car, Valiant, and said it would start deliveries in the fourth quarter.
AO World climbed 2.6% after its annual profit beat forecasts as the online consumer electrical retailer’s plan to focus on efficiency kicked in.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Savio D’Souza)
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