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Rebound in banks, trade sentiment boosts FTSE 100; Metro Bank plummets

Rebound in banks, trade sentiment boosts FTSE 100; Metro Bank plummets
FILE PHOTO: Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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(Reuters) – London’s FTSE 100 moved higher on Tuesday, bolstered by financial stocks that rebounded from a sharp sell-off in the previous session and good news that U.S.-China trade talks would resume next month, while small-cap Metro Bank sank after scrapping a bond issuance.

The main index <.FTSE> added 0.2% by 0706 GMT. However, the more domestically-focussed FTSE 250 index <.FTMC> shed 0.3%, ahead of a Supreme Court ruling on whether Prime Minister Boris Johnson’s decision to suspend parliament was unlawful.

Mid-caps were dragged lower by a 4.7% drop in merchant bank Close Brothers <CBRO.L> after its annual profit fell and it said Chief Executive Officer Preben Prebensen would leave.

Among smaller stocks, Metro Bank <MTRO.L> sank 12% as the troubled lender ditched a 250-million pound bond issue on Monday after failing to attract investors, while ad agency M&C Saatchi <SAA.L> slid 8% after warning annual profit would fall 5%-10% below estimates.

(Reporting by Indranil Sarkar and Shashwat Awasthi in Bengaluru; Editing by Bernard Orr)

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