Technology and telecommunications stocks led the way as London markets made gains ahead of the Bank of England’s latest rate update.
a City witnessed positive business sentiment as traders braced for a possible interest rate hike to 0.5% at Thursday’s monetary policy committee meeting.
The FTSE 100 ended the day up 47.22 points, or 0.63%, at 7,583 points.
Michael Hewson, chief market analyst at CMC Markets, pointed out that the FTSE briefly crossed the 7,600 mark on broad positivity across the continent, although German stocks were down slightly amid weakness of the industrial sector.
“The technology and telecommunications sector led the gains in the UK today, led by Auto Trader, which was higher thanks to brokerage upgrades from Jefferies,” he added.
“Meanwhile, Vodafone and BT Group are doing well, as investors assess Vodafone’s results today and anticipate BT’s results tomorrow.”
In Europe, the French Cac closed up 0.22% and the German Dax down 0.04%.
Across the Atlantic, Wall Street was in high spirits as traders picked up where they left off on Tuesday as markets looked to post their fourth consecutive daily gain, led by the Nasdaq 100.
Meanwhile, the pound gained ground against a weak US dollar as traders were disappointed by the latest ADP jobs report, which saw the US economy shed 301,000 jobs last month.
The pound was up just 0.01% against the US dollar at 1.356 and fell 0.02% against the euro at 1.200.
In corporate news, shares of Playtech closed positive after its proposed £2.7bn takeover by the Australian aristocrat collapsed after failing to garner enough support from investors. shareholders.
The company received positive votes from only 56% of shareholders at its judicial meeting and 54% at a general meeting, which is significantly below the 75% threshold necessary for the transaction.
Shareholders cheered the move and a positive trading update, sending shares 8p higher to 585p.
Elsewhere, Harbor Energy fell after the FTSE 250 confirmed that its chief executive Phil Kirk was set to step down from the business.
Mr Kirk set up Harbour’s private predecessor, Chrysaor, and transformed it into Britain’s largest North Sea oil and gas producer following a series of acquisitions.
Shares in the company fell 20.2p to 345.3p after his departure was confirmed.
Chilean copper miner Antofagasta slipped to the bottom of the FTSE 100 after reports that the Chilean government may increase its tax burden to deal with current social pressures.
As a result, the shares fell 77.5p to 1,284p at the end of the game.
The price of oil initially rose after OPEC+ decided to continue with its planned 400,000 barrels per day increase in daily production in March, but fell later in the session.
Brent fell 0.64% to $88.59 a barrel as London markets closed.
The biggest risers in the FTSE 100 were Ocado, up 81.5p to 1,512.5p; Vodafone, up 4.36p to 132.32p; Barratt Developments, up 16p to 629.4p; NatWest, up 6p to 252.5p; and Auto Trader, up 16.4p to 692p.
The biggest fallers were Antofagasta, down 77.5p to 1,284p; IAG, down 3.46p to 156.86p; Fresnillo, down 12.8p to 636.8p; Intercontinental Hotel Group, down 93p to 4,875p; and Rolls-Royce, down 2.02p to 115.2p.