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FTSE 100 Edges Higher As Virus Fears Recede

U.K. stocks eked out modest gains on Wednesday amid hopes the coronavirus outbreak in China may be starting to plateau.

According to the National Health Commission, 2,015 new cases had been reported over the last 24 hours, declining for a second day.

The benchmark FTSE 100 was up 17 points, or 0.23 percent, at 7,516 after gaining 0.7 percent in the previous session.

Basic resource stocks were moving higher on hopes of additional stimulus measures from China. Anglo American advanced 1.7 percent, while Glencore and Antofagasta rose around 1.2 percent each.

Rio Tinto shares gained 1.6 percent. The mining giant announced that it will conduct a strategic review of its unit ISAL smelter in Iceland.

Retailer J Sainsbury rose half a percent. The company announced that Roger Davis, Chair of the Sainsbury's Bank Board, has notified the Board that he intends to step down.

Dunelm Group, a homewares retailer, surged 6 percent. The company's first-half profit before tax increased 19.4 percent to 83.6 million pounds from 70.0 million pounds last year.

Primary Health Properties was little changed after reporting a loss before tax of 70.2 million pounds for the year ended 31 December 2019.

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