(Fixes index readings in bullet)
(Reuters) – UK shares edged higher on Wednesday as investors digested a fresh batch of corporate updates, while caution in the run-up to the domestic annual budget, due later in the day, capped further gains.
The blue-chip FTSE 100 was up 0.2%, as of 0826 GMT, while the mid-cap FTSE 250 added 0.5%.
Market participants will remain squarely focused on Finance Minister Jeremy Hunt presenting the pre-election annual budget, due at 1230 GMT, in which he is expected to provide tax cuts despite the economy facing its biggest debt burden since the 1960s.
Legal & General slid 4%, leading losses on the FTSE 100 after the life insurer missed expectations for 2023 operating profit amid tough market conditions, dashing residual investor hopes of a share buyback.
Precious metal miners rose 1.3% as gold prices hovered near record-high levels on hopes of easing interest rates, while rate-sensitive real estate companies and real estate investment trusts added around 1% each.
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Among other stocks, London-listed shares of Antofagasta slid 1.7% after Barclays and RBC Capital Markets downgraded the Chilean miner, while British Airways owner IAG gained 4.6% on a JP Morgan upgrade.
London Stock Exchange Group added 2.1% after a consortium of investors sold about 1.4 billion pounds worth of shares in the London bourse owner.
(This story has been refiled to fix index readings in the bullet point)
(Reporting by Shristi Achar A in Bengaluru; Editing by Janane Venkatraman)
