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Commodity, bank stocks lift UK shares higher ahead of budget
Published at 03/03/2021 at 08:20

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* FTSE 100 up 1.0%, FTSE 250 adds 0.6%

March 3 (Reuters) - British shares rose on Wednesday, buoyed by gains in commodity and banking stocks, while investors awaited Finance Minister Rishi Sunak's budget plan as the country tries to recover from a coronavirus-inflicted economic shock.

The blue-chip FTSE 100 index rose 1.0%, with mining stocks including Rio Tinto , Anglo American and BHP gaining between 1% and 1.6%.

Banking stocks, mainly HSBC Holdings Plc , Prudential Plc and Standard Chartered Plc were among the biggest boost to the index, followed by oil heavyweights BP and Royal Dutch Shell .

Sunak will promise to do "whatever it takes", including a five-month extension of Britain's huge jobs rescue plan, to steer the economy through what he hopes will be the final months of COVID-19 restrictions.

The domestically focused mid-cap FTSE 250 index rose 0.6%, led by industrials stocks.

Polymetal , one of Russia's largest gold and silver producers, rose 4.3%, after posting a record high net earnings of $1.1 billion in 2020 on stronger global prices for precious metals.

Britain's second-largest homebuilder, Persimmon , fell 0.6%, as it reported a 25% slump in annual pre-tax profit.

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Rashmi Aich)

((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))

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