SSE Share News (SSE)

FTSE 100 up 0.5%; FTSE 250 adds 0.3%

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Gambling firms slump on potential tax raid

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Ashmore up after Q1 results

Oct 14 (Reuters) - The UK's main stock indexes kicked off the week on a high note, powered by gains in utilities and pharma stocks, while gambling firms fell on reports the government was considering a tax raid.

The blue-chip index FTSE 100 advanced 0.5%, while the mid-cap index FTSE 250 gained 0.3%.

Utilities stocks such as SSE and Severn Trent boosted the benchmark index with around a 2% rise each, while pharma and biotech stocks also contributed to the gains.

Automobiles and parts were the top gainers, closing nearly 7% higher.

British bookmakers Entain and Flutter lost 8% and 6%, respectively, after reports the new government was considering a 3-billion-pound ($3.92 billion) tax raid on gambling firms.

The travel and leisure sector, meanwhile, dropped nearly 1%.

Investors are bracing for a flood of economic data from Britain, starting employment figures on Tuesday.

The Consumer Price Index for September is due on Wednesday, with economists polled by Reuters expecting core CPI to ease to 3.4% on an annual basis. Producer price figures are scheduled for release on the same day.

British retail sales figures for September are due on Friday.

Meanwhile, market participants were assessing China's economic stimulus promises over the weekend, which were light on details.

Among individual stocks, homebuilder Vistry climbed 4.4% after falling more than 20% last week.

TI Fluid Systems jumped 19.5% to the top of the FTSE 250 after the automotive fluid storage maker received a revised offer from ABC Technologies.

Ashmore Group rose 6.6% after the emerging markets-focused investor reported higher first-quarter assets under management. ($1 = 0.7653 pounds) (Reporting by Pranav Kashyap in Bengaluru; Editing by Sonia Cheema and Christina Fincher)