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* Cineworld rises as crowds return to cinemas after UK
lockdown
* Premier Foods climbs after brokerages raise target price
* FTSE 100 up 0.5%, FTSE 250 adds 0.4%
(Updates with market close)
By Shivani Kumaresan and Devik Jain
May 24 (Reuters) - London's FTSE 100 edged higher on Monday
after posting its second straight weekly drop, while Cineworld
Group gained following a strong weekend opening after a
months-long lockdown in the UK.
The blue-chip index rose 0.5% with consumer
discretionary stocks, mainly Compass Group Plc, Flutter
Entertainment and Entain rising between 2.2%
and 2.7%.
Oil majors Royal Dutch Shell and BP were
also among the biggest risers on the index, rising 9.8% and
4.2%, respectively.
The domestically focused mid-cap FTSE 250 index
advanced 0.4%. Cineworld rose 3.2% after the world's
second-largest cinema chain said its UK cinemas pulled in more
people than expected, helped by Sony Pictures' animated
adventure comedy "Peter Rabbit 2: The Runaway".
Globally, stocks struggled for momentum as investors awaited
key U.S. inflation readings for guidance on monetary
policy.
"Observers will be asking if this is the week the FTSE 100
finally pushes ahead of the 7,000 mark after a period of going
backwards and forwards around this level," said Russ Mould,
investment director at AJ Bell.
Bank of England Governor Andrew Bailey said that he does not
see long-term implications from a pick-up in inflation which the
BoE expects this year as the economy emerges from the
coronavirus pandemic.
After rising 9.1% in the first four months of this year on
recovery optimism, the FTSE 100 has traded in a tight range in
the past few sessions as concerns grew that central banks might
pare back their support early as economies reopen and inflation
picks up.
Kainos Group fell 1.8%, even after the digital
services company posted a 124% jump in its annual adjusted
pretax profit.
Chilean miner Antofagasta fell 0.9% after RBC cut
its price target on the stock, while Mr Kipling owner Premier
Foods climbed 5.9% after brokerages raised their price
targets.
(Reporting by Shivani Kumaresan and Devik Jain in Bengaluru;
Editing by Subhranshu Sahu and Nick Macfie)
