FTSE 100 gains on earnings cheer, mining stocks boost

London’s FTSE 100 climbed on Wednesday, helped by strong earnings and heavyweight miners, although investor mood remained cautious over rising COVID-19 infections and risks of higher inflation.

The blue-chip FTSE 100 advanced 0.5% with builder Taylor Wimpey (LON:TW) being the top gainer, while miners BHP Group, Rio Tinto (LON:RIO) and Anglo American (LON:AAL) were the top boosts on the back of strong base metal prices.

Taylor Wimpey gained 6.1% as it joined bigger rivals in forecasting sustained demand and forecast annual operating profit above the top end of market consensus.

The domestically focused mid-cap index inched 0.3% higher.

Legal & General gained 2.4% after it posted an above-forecast 14% rise in first-half operating profit and said it saw continued strong growth.

British e-commerce company The Hut Group rose 3.6% after it said it would buy UK-based online beauty retailer Cult Beauty for 275 million pounds ($382.91 million).