London stocks gain amid pullback in new virus cases

(Reuters) – UK shares inched higher on Wednesday, with heavyweight oil firms supporting gains on the main index, as investors continued to take comfort from a drop in the number of new coronavirus cases reported in China.

China on Wednesday reported its lowest number of new coronavirus cases since late January, leading some experts to suggest the outbreak may plateau and subside soon. That helped the FTSE 100 () climb 0.2% in early deals.

Oil majors Shell (L:) and BP (L:) were the biggest boosts to the blue-chips, as they tracked a surge in crude prices.

The mid-cap FTSE 250 () edged 0.1% higher, helped by a 4% gain in home furnishings retailer Dunelm (L:) after an upbeat profit forecast and online trading platform Plus500 (L:), which also added about 4%.

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