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FTSE 100 Edges Up In Cautious Trade

U.K. stocks edged up slightly on Wednesday even as trade optimism appears to be waning after a top U.S. official said tariffs on China would stay until a Phase 2 deal is completed.

The British pound held its losses after Michael Saunders of the Bank of England supported cutting rates.

The benchmark FTSE 100 was up 8 points at 7,629 after closing up 0.1 percent the previous day.

Builders merchant Travis Perkins edged up slightly after it appointed Christopher Rogers as Chairman Designate of Wickes.

Tullow Oil soared 4 percent. The company announced that its fiscal 2019 group working interest oil production averaged 86,700 bopd, in line with expectations.

Hochschild Mining rallied 3.5 percent after delivering a solid quarter of attributable production principally due to a better than expected performance from the Inmaculada mine.

Ashmore Group advanced 0.7 percent. The specialist Emerging Markets asset manager reported that Assets under management for the second-quarter increased by $6.5 billion to $98.4 billion from the prior quarter, reflecting net inflows of $3.3 billion and investment performance of $3.2 billion.

Electric utility SSE gained 0.7 percent after announcing the completion of the sale of its household energy and services business, SSE Energy Services Group Limited, to OVO Energy Limited for an enterprise value of 500 million pounds.

Provident Financial shares jumped 6.5 percent. The sub-prime lender said it has continued to perform well in the final quarter and expect to report full-year results in line with market expectations.

Persimmon rose 2 percent. The housebuilder anticipates fiscal year pre-tax profits to be in line with market consensus.

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