Housebuilders support FTSE 100 after Berkeley earnings

  • Reuters
  • Stock Market News
Housebuilders support FTSE 100 after Berkeley earnings
Credit: © Reuters.

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* FTSE 100 up marginally, FTSE 250 up 0.1%

* Berkeley jumps after revenue beat

* Saga at life low after poor trading update

* Fed policy statement awaited

June 19 (Reuters) - London's main bourse inched higher on Wednesday, helped by better than expected numbers from housebuilder Berkeley and a surge in Clydesdale and Yorkshire Banking Group CYBGC.L after it promised more savings from its buyout of Virgin Money (LON: VM ).

The FTSE 100 index .FTSE , sharply higher on Tuesday along with other European markets on the back of a strong policy speech from European Central Bank chief Mario Draghi, edged 0.05% higher by 0707 GMT.

The midcap FTSE 250 was up 0.1%.

Housebuilder Berkeley BKGH.L leapt 6%, outperforming other blue-chips, after its fall in annual earnings fell well short of the worst of market expectations. That lifted rivals Taylor Wimpey TW.L , Persimmon PSN.L and Barratt BDEV.L by as much as 2%.

The biggest boost to the main index, however, came from oil majors and Asia-focussed financials on renewed hopes of a resolution to a long and painful U.S.-China trade war.

All eyes are now on the conclusion of the U.S. Federal Reserve's two-day meeting after markets close.

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