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* Bloomsbury advances on lifting annual targets
* Burberry, Tate & Lyle up as brokerages upgrade
* FTSE 100 up 0.4%, FTSE 250 adds 0.3%
(Updates with market close)
By Devik Jain and Shivani Kumaresan
June 2 (Reuters) - London's FTSE 100 index climbed on
Wednesday, helped by gains in heavyweight energy and banking
stocks, while Bloomsbury Publishing jumped on a robust earnings
report.
The blue-chip index rose 0.4%, with oil majors BP
and Royal Dutch Shell climbing 1.9% and 2.2%
respectively, as crude prices extended gains.
Banks, including HSBC, Prudential Plc,
Lloyds Banking Group and Barclays also
provided the biggest boosts to the index.
The domestically focused mid-cap FTSE 250 index
advanced 0.3%, touching a record high.
Bloomsbury Publishing surged 11.3% as the Harry
Potter publisher declared a special dividend and lifted its
targets for the current year, as strong book sales during
lockdowns drove a 22% surge in its annual earnings.
"An upbeat assessment of demand from producers’ cartel OPEC
and the waning prospect of a big increase in Iranian supply have
helped support a rally in crude prices. Something which could
make the market a little nervous if it is sustained given
investors’ current preoccupation with inflation risks," said
Danni Hewson, financial analyst at AJ Bell.
The FTSE 100 index has traded in a tight range since April
as concerns grew that central banks might pare support early as
economies reopen and inflation climbs.
British mortgage lending slumped in April as a government
decision to prolong a tax break on property sales came too late
to influence buyers that month, but housing market activity
looks on course to rebound, Bank of England data showed.
Global stock markets hovered near record highs despite wary
investors remaining unconvinced by central bank assurances that
the current inflation upsurge is transient.
Among other stocks, Tate & Lyle rose 2.5%, after
Berenberg upgraded the food ingredients maker's stock to "buy"
on prospects of a business split.
Burberry Group jumped 3.5% to the top of the FTSE
100 index after Exane BNP Paribas upgraded the stock to
"outperform" from "neutral".
(Reporting by Devik Jain and Shivani Kumaresan in Bengaluru;
Editing by Subhranshu Sahu and Bernadette Baum)
