FTSE 100 up 0.7, FTSE 250 adds 0.5
Superdry dips as CEO drops buyout bid
UK manufacturing data due at 0830 GMT

April 2 Reuters British shares climbed on Tuesday, scaling their highest levels in more than a year, as a rise in prices of most resources lifted energy and metal mining stocks, while lender HSBC gained following the sale of its Canadian unit.

The globallyfocussed FTSE 100 was up 0.7 by 814 GMT on the first trading day of the second quarter, while the domesticallyoriented FTSE 250 moved 0.5 higher.

Leading sectoral gains, precious metal miners climbed 3.8, following a slight uptick in gold prices.

Industrial metal miners followed with a 2.6 rise, as concerns of tighter raw material supplies and improved demand prospects pushed copper prices higher, while oil and gas stocks advanced 2.3, tracking higher crude prices.

The UK equity market doesn39;t need a rate cut to really raise… the focus should remain on growth and GDP and we dont see any concern, Manish Singh, Chief Investment Officer at Crossbridge Capital LLP said.

Data showing prices in British shops rose at the slowest pace in more than two years in March added to signs that the country39;s inflation squeeze is now fading fast, boosting sentiment.

Meanwhile, British house prices rose in March at their fastest annual pace since December 2022, indicating a recovery in a market which has been squeezed by high interest rates.

Investors now look forward to UK business activity data for the month…