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FTSE 100 up 0.2%, FTSE 250 rises 0.5%
UK services sector returns to growth, PMI survey shows
UK exempt from US doubled tariffs on steel and aluminum imports
B&M drops after annual sales disappoint
Updates after markets close
June 4 (Reuters) - British equities closed higher on Wednesday, with healthcare and mining shares leading gains as global investors added risk and watched global trade developments.
The blue-chip FTSE 100 .FTSE closed 0.2% higher, while the midcap index .FTCM added 0.5%.
Healthcare stocks .FTNMX201030 were among the biggest boost, with index heavyweight AstraZeneca AZN.L rising more than 1%.
Industrial metal miners .FTNMX551020 also rose 1.4%, tracking higher base metal prices.
Topping the blue-chip index, Babcock BAB.L jumped 4.3% after JP Morgan placed the British engineering group on positive catalyst watch, citing potential new medium-term financial guidance.
Among the midcaps, DiscoverIE DSCV.L surged 15.6% after the designer and manufacturer of customised electronics posted a 4% rise in 2025 preliminary adjusted pretax profit.
On the downside, heavyweight energy stocks .FTNMX601010 shed 1.4% as crude oil prices fell after U.S. data showed larger-than-expected inventories of gasoline and diesel.
Discount retailer B&M BMEB.L languished at the bottom of the midcap index, down 14.7% after saying annual underlying UK sales fell short of its target and that higher costs would pressure profits in its new financial year.
Global focus was on trade discussions, with top trade negotiators from both the EU and the U.S. saying that talks are going in the right direction .
The U.S. late on Tuesday announced it would skip doubling steel and aluminium tariffs for Britain, hours after the UK government said the two countries agreed on the need to implement a tariff relief deal as soon as possible.
Focus was on the pace of trade negotiations, as Wednesday is the deadline for U.S. trading partners to submit their proposals to avoid Trump's "Liberation Day" tariffs taking effect in early July.
British equities have rebounded from their April lows after the country clinched a limited trade agreement with the U.S. earlier in May. The blue-chip FTSE 100 is now sitting about 1% away from its all-time highs.
Meanwhile, the S&P Global PMI data showed that Britain's services sector returned to tepid growth in May after fears about Trump's tariffs caused it to shrink in April.
(Reporting by Ragini Mathur and Shashwat Chauhan in Bengaluru, Additional reporting by Rashika Singh; Editing by Vijay Kishore and David Gregorio)
((Ragini.Mathur@thomsonreuters.com; Shashwat.Chauhan@thomsonreuters.com))
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