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* Hochschild Mining Plc shares slump 8.3%
* Primark-owner shares up 1.2%
* UK inflation jumped last month to its highest since March
* FTSE 100 up 0.6%, FTSE 250 down 0.2%
(Updates prices to close, adds comments)
By Joice Alves and Shreyashi Sanyal
Aug 19 (Reuters) - London's FTSE 100 closed higher on
Wednesday as the exporter-heavy index benefited from a slightly
weaker pound, while a drop in Hochschild Mining's share put
pressure on the mid-cap FTSE 250.
The London blue chip index ended 0.6% higher, with
shares in British Airways-owner IAG jumping 7.6% after
the British government said it was working with London's
Heathrow Airport to shorten quarantine.
The market also benefited from the record run on Wall
Street, where the S&P 500 and Nasdaq indexes hit
all-time highs on Wednesday while awaiting minutes from U.S.
Federal Reserve's meeting later in the day.
The mid-cap FTSE 250 was down 0.2%, with precious
metals miner Hochschild Mining Plc slumping 8.3% as it
reported lower revenue for the first half of the year.
Shares in Primark-owner Associated British Foods
gained 1.9% as consumer price inflation jumped last month to its
highest rate since March, with clothing stores refraining from
their usual summer discounts after reopening from lockdowns.
"Today's inflation release shows that prices in the UK are
certainly bouncing again," said Jai Malhi, global market
strategist at J.P. Morgan Asset Management.
"At this stage we doubt this will prevent the Bank of
England providing further support to the economy but if these
upside surprises continue, it may add some hesitancy."
Meanwhile, Morrison shares gained 1.2% after it
listed its products on Amazon for same-day delivery. Tesco's
shares were down 0.3% on negative read-across.
Persimmon shares fell 2.5% as the company said the
chief executive officer of bus company National Express Group
, Dean Finch, will take up the top job at the homebuilder
earlier than envisaged.
(Reporting by Joice Alves in London, Sagarika Jaisinghani and
Shreyashi Sanyal in Bengaluru; editing by Uttaresh.V/Shailesh
Kuber/Jane Merriman)
