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Nov 24 (Reuters) – UK’s FTSE 100 rose on Wednesday to its highest in a week, with gains led by energy majors after oil prices jumped, while Apple supplier IQE plunged following a downbeat earnings forecast.
The commodity-heavy FTSE 100 (.FTSE) climbed 0.5% — rising for a third consecutive day, while the domestically focussed mid-cap index (.FTMC) edged up 0.1%.
BP (BP.L) and Royal Dutch Shell rose more than 1% as investors remained sceptical about the effectiveness of a U.S.-led coordinated release of oil stocks from strategic reserves.
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Miners (.FTNMX551020) added 1.2%, supported by higher copper prices.
Asset manager Brewin Dolphin (BRW.L) slid 5.7% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels. read more
Britvic (BVIC.L) advanced 2.7% after the soft drinks company reported a 9% rise in profit after tax despite warning of inflationary pressures.
IQE Plc (IQE.L), which makes semiconductor wafers for chips, slumped 19.6% after it forecast lower annual profit margin and revenue. read more
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Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V
Our Standards: The Thomson Reuters Trust Principles.