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FTSE 100 Rebounds Following Wall Street Recovery

U.K. shares edged higher on Wednesday after the U.S. markets recovered from an early plunge to finish sharply higher overnight.

Asian stock markets turned in a mixed performance and U.S. stock futures traded lower, keeping underlying sentiment somewhat cautious.

The benchmark FTSE 100 was up 44 points or 0.62 percent at 7,185 in late opening deals after falling as much as 2.6 percent on Tuesday to suffer its biggest single-day fall since the Brexit vote.

Mining giant Rio Tinto was marginally higher after declaring the biggest dividend in its history.

Housebuilder Redrow rallied 3.2 percent as it posted record profits and revenues for the first half of its financial year.

Oil & gas exploration firm Tullow Oil climbed 2.8 percent after posting its first annual profit in three years.

Utility giant Severn Trent advanced 1.4 percent after reaffirming its full-year guidance.

In economic news, U.K. house prices decreased for the second straight month in January, data from the Lloyds bank subsidiary Halifax and IHS Markit showed.

House prices fell unexpectedly by 0.6 percent from December, when they were down 0.8 percent.

by RTT Staff Writer

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