By Atul Prakash
LONDON (Reuters) - Britain's top share index bounced back on Wednesday from the previous session's one-month low, led by commodities-related stocks following a rise in prices of crude oil and some metals.
The blue-chip FTSE 100 (FTSE) was 0.9 percent higher by 1009 GMT. The benchmark index dropped to its lowest level since late December on Tuesday before closing 0.3 percent weaker.
The UK mining index (FTNMX1770) rose 1.2 percent, the top sectoral gainer, after prices of gold and nickel rose and copper was underpinned by concerns about a strike looming at the world's biggest copper mine.
"Metals prices are pushing miners higher, with the sector seen gaining further on hopes (of) a pick-up in economic activities in China, the top metals consumer," said Jawaid Afsar, senior trader at Securequity.
Shares in Fresnillo (L:FRES), Antofagasta (L:ANTO) and BHP Billiton (L:BLT) rose 1.6 to 1.9 percent.
Energy shares were also in demand as oil prices rose after Russia joined OPEC in cutting production to try to balance the market. [O/R]
The UK oil and gas index (FTNMX0530) was up 0.5 percent, supported by similar gains in shares of Royal Dutch Shell (L:RDSa) and BP (L:BP).
Broadband operator TalkTalk (L:TALK) rose 7.5 percent after the company announced that founder and chairman Charles Dunstone will take over the running of the telecoms operator when chief executive Dido Harding steps down in May after seven years in charge.
Shares in Intu Properties (L:INTUP) fell 0.5 percent after Deutsche Bank (DE:DBKGn) cut its target price for the stock to 230 pence from 250 pence.
British online supermarket Ocado (L:OCDO), which rallied sharply on Tuesday on better-than-expected profits, were down 4.5 percent, after JP Morgan cut its price target for the stock to 390 pence from 476 pence as the company sought to reassure investors over a delayed overseas deal.
Wizz Air (L:WIZZ) was the worst-performing stock on the FTSE 250 index (FTMC), down 8.3 percent after the company cut its profit expectations, citing severe weather and low prices.
The broader stock market showed little reaction to a poor factory survey, with analysts saying that a weaker reading was already priced in.
The survey showed that sterling's fall since Britain voted to leave the European Union stoked the sharpest rise in factory costs on record last month but offered little boost to exports, tainting otherwise robust manufacturing growth at the start of 2017.