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* Glencore up on agreeing to $1.5 bln probe settlement
* Pets at Home jumps on upbeat annual earnings
* FTSE 100 up 0.5%, FTSE 250 adds 0.4%
May 25 (Reuters) - UK stocks rose on Wednesday as investors'
mood steadied after a bruising previous session, while pet
supplies retailer Pets at Home topped midcap stocks after
posting upbeat corporate earnings.
The blue-chip FTSE 100 index was up 0.5%, with
commodity majors providing the biggest boost.
Glencore Plc gained 0.3% after the global miner
said it anticipates paying up to $1.5 billion to settle
accusations of bribery and market manipulation.
Power company SSE Plc climbed 5.7% after reporting a
surge in annual profit and saying it was investing significantly
more than it was making in profit to help reduce dependency on
Its stock shed almost 8% on Tuesday, hit by a report that
the British government is planning windfall taxes on power
Retailer Marks & Spencer recouped early losses to
end 4.8% higher, despite joining rivals in warning about the
outlook for the current year and saying it will pull out of
Online supermarket and technology group Ocado Group
inched 0.6% higher, after falling to the bottom of the FTSE
early in the session, as Ocado Retail slashed its growth outlook
in a move that also put pressure on shares of rival chains
Sainsbury and Tesco.
"Ocado is going to struggle because their costs rest
disproportionately on transport and logistics compared with a
traditional retailer," said David Madden, market analyst at
"Costs are probably going up at a higher rate than they're
increasing prices to the end consumer, and their margin is going
to be squeezed."
The mid-cap index added 0.4%, with Pets at Home
topping gains with a 13.2% jump after reporting annual
Overall, a surge in commodity prices has helped the
commodity-heavy FTSE 100 outperform in 2022, although growing
worries about a recession has sent the domestically focussed
midcap index down over 15% this year.
(Reporting by Sruthi Shankar and Amal S in Bengaluru; editing
by Uttaresh.V, Aditya Soni and David Evans)