London stocks rise on softer-than-expected inflation data
A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo/File Photo Acquire Licensing Rights
Nov 15 (Reuters) - The UK's benchmark indexes rose on Wednesday, on track for a three-day win streak as cooler-than-expected October inflation data lifted sentiment, while a rise in prices of most commodities pushed mining and energy stocks higher.
The commodity-focused FTSE 100 (.FTSE) was up 0.9% at 8:04 GMT and the mid-cap FTSE 250 (.FTMC) gained 0.4%.
British inflation cooled by more than expected in October as household energy prices dropped from a year earlier, while stubbornly high services sector price growth also eased, offering some relief to the Bank of England.
The upbeat sentiment spurred a rise in rate-sensitive stocks, with top gainer homebuilders index (.FTNMX402020) adding 2% and the banks sector (.FTNMX301010) gaining 1.3%.
Precious metal miners (.FTNMX551030) added 1.4%, while industrial metal miners (.FTNMX551020) were up 1.7%, as prices of most metals rose on a softer dollar and retreating bond yields.
Shares of Experian (EXPN.L) rose 3.3% after the world's largest credit data company reported an increase in half-yearly profit, benefitting from sustained demand in key markets North America and Europe.
British power generator and network operator SSE Plc (SSE.L) reported half-yearly earnings above its forecast, taking the shares up by 2.2%.
Reporting by Khushi Singh
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