UKX FTSE 100 Index

By Carla Mozee, MarketWatch

U.K. stocks pushed modestly higher on Wednesday, aided by gains for commodity shares, while investors waited for an update on conditions in the British labor market.

The FTSE 100 rose 0.3% to 7,377.12, led by gains for mining, oil and gas and industrial shares. The index on Tuesday shed 0.1% (http://www.marketwatch.com/story/ftse-100-on-the-rise-as-pound-drops-to-lowest-since-january-2017-03-14), marking the first fall in three sessions.

The moves come ahead of U.K. data on wages and the unemployment rate in January, due at 9:30 a.m. London time, or 5:30 a.m. Eastern Time.

Read: Ginflation? Brits drink so much gin it's now used to calculate inflation (http://www.marketwatch.com/story/ginflation-brits-drink-so-much-gin-its-now-used-to-calculate-inflation-2017-03-14)

Resource stocks: Miners got a lift as the dollar edged back, aiding a rise in dollar-denominated metals prices including copper and platinum . Near the top of the FTSE 100, shares of Rio Tinto PLC (RIO) (RIO) (RIO) gained 2.4%, Glencore PLC (GLEN.LN) (GLEN.LN) moved up 2.3% and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) tacked on 1.9%.

The dollar shifted slightly lower ahead of the closely watched Federal Reserve policy decision, due at 6 p.m. London time, or 2 p.m. Eastern Time. Investors have priced in expectations of a rate hike, but will watch to see what Fed Chairwoman Janet Yellen will say about rates moving forward and her assessment of U.S. and global growth conditions.

Meanwhile, oil shares moved higher after being knocked lower on Tuesday during a selloff in oil prices. Shares of oil producer BP PLC (BP.LN) (BP.LN) rose 1% and rival Royal Dutch Shell PLC (RDSB.LN)(RDSB.LN) picked up 0.9%.

Oil prices pushed higher Wednesday after industry group American Petroleum Institute late Tuesday reported a decline in U.S. crude supplies (http://www.marketwatch.com/story/api-data-show-an-unexpected-decline-in-us-crude-supplies-sources-2017-03-14). Oil prices stumbled Tuesday after a monthly OPEC report showed an increase in U.S. and Saudi Arabian crude output (http://www.marketwatch.com/story/oil-prices-rise-for-the-first-time-in-7-sessions-monthly-opec-report-ahead-2017-03-14) in an already oversupplied global market

The oil and gas and basic materials groups make up more than 20% of the FTSE 100's weighting, according to FactSet data.

In other moves, Hikma Pharmaceuticals PLC (HIK.LN) jumped 6% after the company raised its dividend (http://www.marketwatch.com/story/hikma-pharma-profit-drops-39-dividend-raised-2017-03-15). Profit in 2016 fell 39% after booking exceptional costs.

Blue-chip stocks moved higher even as the pound advanced to $1.2227 from $1.2154 late Tuesday in New York. A YouGov survey of showed 57% of respondents favored Scotland staying in the U.K. compared with 43% who back independence, according to The Times newspaper. (http://www.thetimes.co.uk/article/scots-want-to-remain-in-uk-new-poll-reveals-57256ptzs)

Scotland's First Minister Nicola Sturgeon said she'll ask the Scottish parliament next week (http://www.marketwatch.com/story/scottish-first-minister-nicola-sturgeon-confirms-plans-for-independence-vote-2017-03-13) for approval to hold a second referendum asking if Scotland should break away from the U.K.

Read:What's going on in Scotland, and what that means for the pound (http://www.marketwatch.com/story/pound-pushed-lower-as-scottish-referendum-worries-emerge-2017-02-27)

Also:Opinion: Get ready for sterling's wild ride as the U.K. bolts the EU (http://www.marketwatch.com/story/get-ready-for-sterlings-wild-ride-as-the-uk-bolts-the-eu-2017-03-15)

(END) Dow Jones Newswires

March 15, 2017 05:14 ET (09:14 GMT)

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