UK stock indexes close March quarter with gains

The bluechip FTSE 100 added 0.3% and the midcap FTSE 250 index was 0.4% higher on the day, reaching more than one-year highs earlier in the session, with the benchmark index logging its best month since November 2022

Britain's main stock indexes closed the March quarter on a positive note as data confirmed that Britain's economy entered shallow recession in 2023, while JD Sports had its best day since April 2020 after confirming earnings guidance.

The bluechip FTSE 100 added 0.3% and the midcap FTSE 250 index was 0.4% higher on the day, reaching more than one-year highs earlier in the session, with the benchmark index logging its best month since November 2022.

The resources-heavy index also closed the January-March quarter with nearly 3% gains, its highest since December 2022 but lagged its European peers.

JD Sports climbed 15.6% to a near three-month high after the sportswear retailer said its pretax profit for the year to February 4 would meet guidance it downgraded in January in the range of £915-935 million ($1.16-$1.18 billion).

The firm's scale and deep relationships with important brands has given it an advantage over many rivals and allowed it to expand across different geographies and become a major force in the sports retail world, said AJ Bell investment director Russ Mould.

Retailers' shares also led the sectoral gains with a 2.2% rise.

Precious metal miners and industrial metal miners boosted gains with a 1.9% and 1.3% advance, respectively, after prices of most base metals and gold increased, lifted by signs of stabilisation in China's wider economy.

On the macro front, official data confirmed Britain's economy entered a shallow recession last year, with Gross Domestic Product dropping by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from preliminary estimates.

Investors will be focussed on a key reading of the U.S. PCE price index, the Fed's preferred inflation gauge, due on Friday, when most global markets will be closed for the Good Friday holiday.

Among other movers, Spirent Communications climbed 11.7% to the top of the midcap index on agreeing to Keysight Technologies' offer, valuing the company at £1.16 billion.