UK shares were subdued on Wednesday, as gains in homebuilder stocks over increase in house prices were offset by a sell-off in precious mining stocks, while investors awaited Federal Reserve officials’ comments for monetary policy cues.
The blue-chip FTSE 100 was flat by 08:25 GMT, while the mid-cap FTSE 250 index slipped 0.1%.
Data showed British house prices reported the strongest annual growth rate for a year in January, adding to tentative signs of momentum in the housing market and lifting the homebuilders index 0.7%.
Bottom performer precious metal miners shed 0.8% on lower gold prices, ahead of speeches by Federal Reserve officials through the week.
Earnings lift FTSE 100 ahead of BoE decision
Barratt Developments shares dropped 5.9%, after the homebuilder agreed to buy Redrow for about 2.52 billion pounds ($3.18 billion). Redrow shares climbed 13.6%.
Soap maker PZ Cussons forecast a lower annual profit and slashed its interim dividend, sending its shares 14.4% lower to the bottom of FTSE 250, while the broader personal care, drug and grocery stores sub-index lost 0.6%.
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