FTSE higher as gains in miners offset broader declines

The blue-chip FTSE 100 closed up 0.14 per cent ​at 10,508.61 points, while the midcap FTSE 250 advanced 0.16 per cent

Britain’s FTSE indexes ‌closed higher on Wednesday, with gains in miners offsetting broader declines, while investors weighed domestic inflation data ahead of interest rate decisions by the Bank of England.

The blue-chip FTSE 100 closed up 0.14 per cent ​at 10,508.61 points, while the midcap FTSE 250 advanced 0.16 per cent.

Precious ⁠metal miners increased 3.3 per cent in their fifth straight session of gains, their ​longest gaining streak since late February — when the Iran-U.S. war ​began.

Banks were the biggest boost to the benchmark FTSE 100, with Barclays advancing 3.4 per cent after BofA Global Research raised its price target

British inflation unexpectedly held at 2.8 per cent for May, compared with a 3 per cent ‌rise ⁠economists had expected.

The data prompted traders to trim their expectations for a rate hike later this year, a day ahead of the BoE’s rate decision, widely expected to remain steady.

Homebuilders added 3.2 per cent. Separately, ​British house prices increased in ​the year ⁠to April, data showed.

For the investor it is a dilemma; good news for the economy’s resilience is bad news ​as it justifies a rate hike, said Nick Saunders, ​CEO of ⁠online investment platform Webull UK.

On the flip side, consumer-leaning stocks were the biggest weights, with the personal goods sub-index down 2.3 per cent, and the personal care, ⁠drug ​and grocery index 1 per cent lower.

In related news, markets are also awaiting the U.S. central bank’s interest rate decision ​due later in the day, with focus on comments from new ​Chair Kevin Warsh.