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* Ashtead Group gains after raising annual earnings forecast
* Drax tops FTSE 250 on Barclays price target increase
* FTSE 100 up 0.2%, FTSE 250 adds 0.9%
(Updates to close)
By Devik Jain and Amal S
Sept 16 (Reuters) - UK shares ended higher on Thursday,
lifted by travel and industrial stocks, while Ashtead Group
jumped to the top of the blue-chip index after a strong earnings
update.
The FTSE-100 rose 0.2%, snapping its two-day losing
streak, led by gains in industrial services and
travel & leisure stocks, up 1.4% and 2.8%
respectively.
The domestically-focused mid-cap FTSE 250 index
advanced 0.9%, almost recouping the 1.1% drop from the previous
session on concerns around spiking inflation.
Limiting further advances were base metal miners
down 3.3%, tracking weakness in commodities.
Rental equipment provider Ashtead climbed 5.3% after
it reported a 68% rise in first-quarter adjusted pretax profit
and forecast annual results above its earlier expectations.
The FTSE 100 and the FTSE 250 indexes have declined about 1%
and 1.9%, respectively, so far this month as a
better-than-expected labour market recovery and rising price
pressures have fuelled concerns of an early tapering of stimulus
measures by the Bank of England (BoE).
Banks, miners, homebuilders
, and travel & leisure stocks have
fallen between 0.25% and 6.3% so far in September.
Investors will now closely watch August retail sales data on
Friday and the outcome from the BoE's policy meeting next week.
"I don't think we'll see any great changes this time. I
think in the economy there is still enough uncertainty about how
the winter is going to pan out for the UK. But I do think that
we'll get much stronger language than we've had, that a change
is coming and that rate rises are very much within touching
distance now," said Danni Hewson, AJ Bell financial analyst.
Drax jumped 8.8% to the top of FTSE 250 index after
Barclays raised its price target on the British power
generator's stock.
IG Group Holdings Plc rose 1.9% as the online
trading platform maintained its medium-term targets after
reporting a drop in adjusted first-quarter revenue.
(Reporting by Devik Jain and Amal S in Bengaluru
Editing by Uttaresh.V and Mark Potter)
