British shares rebound after Ukraine ceasefire hopes boost sentiment

March 12 (Reuters) - British shares rebounded on Wednesday after logging recent declines as investors focused on positive developments in the Ukraine-Russia conflict, while assessing corporate earnings.

The benchmark index FTSE 100 .FTSE closed 0.5% higher, snapping six sessions of declines, its longest losing streak since September.

The U.S. on Tuesday agreed to resume military aid and intelligence-sharing with Ukraine after Kyiv voiced its readiness to accept a 30-day ceasefire proposal with Russia.

Most sub-sectors in London closed higher, with financials the biggest boost to the blue-chip index.

Precious metal miners .FTNMX551030 lead broader gains, closing 2.8% higher, tracking higher gold prices.

Hochschild Mining HOCM.L helped with its 12.6% climb after the miner restored its dividend payout, and was the biggest gainer on the mid-cap FTSE 250 .FTMC, that ended 0.6% higher after three straight sessions of declines.

Investor focus remained on U.S. tariffs and trade policy, with a back and forth stance taken by President Donald Trump creating volatility in markets.

Trump's increased tariffs on all U.S. steel and aluminium imports took effect on Wednesday, to which the European Union vowed to impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month.

Britain favoured pragmatism over tit-for-tat tariffs, though Prime Minister Keir Starmer said he was disappointed by the move and that all options remained on the table.

Meanwhile, data showed U.S. consumer prices increased moderately in February, but the improvement is likely temporary against the backdrop of aggressive tariffs on imports.

Among other stocks, Hill & Smith HILS.L gained 8% after the infrastructure product maker's annual core profit beat expectations.

Balfour Beatty BALF.L gained 4.5% after recording a higher order book, while JD Sports JD.L fell about 3.2% after peer Puma's bleak forecast.

Legal & General LGEN.L lost 2.3% after the British life insurer missed annual operating profit estimates.

 
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