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FTSE 100 Rallies Ahead Of Budget

U.K. stocks were sharply higher on Wednesday as Chancellor of the Exchequer, Rishi Sunak, delivers his budget.

It is likely that the furlough scheme will be extended until the end of September to help protect jobs as restrictions are gradually lifted in the months ahead.

The benchmark FTSE 100 jumped 81 points, or 1.2 percent, to 6,695 after gaining 0.4 percent the previous day.

Miners Anglo American, Antofagasta and Glencore rose 1-2 percent while oil & gas firm BP Plc advanced 1.7 percent and Royal Dutch Shell added 1.5 percent.

Lenders were also moving higher, with HSBC Holdings and Standard Chartered rising over 2 percent each.

Polymetal gained 2.3 percent after it posted a record high net earnings of $1.1 billion in 2020 on stronger global prices for precious metals.

Daily Mail and General Trust shares added 2.5 percent. The company said that its Consumer Media business, dmg media, has acquired New Scientist, science publishing title, from a consortium of individual investors led by Bernard Gray, for 70 million pounds in cash.

Housebuilder Persimmon surged 3.6 percent despite reporting lower pretax profit and revenue in 2020.

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