UPDATE 1-Brewin Dolphin lifts UK midcaps; weak oil prices weigh on FTSE 100

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* Brewin Dolphin hits record high on RBC buyout deal
* FTSE 100 up 0.1%, FTSE 250 adds 0.5%

(Adds comment, details; updates prices)
By Devik Jain
March 31 (Reuters) – London’s FTSE 250 index rose on Thursday, led by British wealth manager Brewin Dolphin due to a buyout offer, while heavyweight energy stocks weighed on the blue-chip benchmark FTSE 100 after oil prices fell. The domestically focussed mid-cap index climbed 0.5%, with Brewin Dolphin surging 60.7% to hit a record high after Royal Bank of Canada made an all-cash offer of 1.6 billion pounds ($2.10 billion) to buy the company. Tate & Lyle gained 2.8% after the food ingredient maker said it will buy Quantum Hi-Tech Biological Co for $237 million.
“The market looks cautiously optimistic and the reality that we’re seeing a lot of M&A activity also suggests the general mood is things are going to continue to show strength,” said John Woolfitt, director of trading at Atlantic Capital.
“A lot of us are expecting the market to work to be pushing lower with everything that’s mounting up regarding inflation, Ukraine situation and threat of COVID-19. But the way we’re seeing the markets move, it has got a lot of bad news in it already and therefore a little bit of positive is going a long way.”
Data showed Britain’s economy grew more quickly than previously thought in the fourth quarter of 2021, as a surge in COVID-19-related activity in the health sector masked the inflation hit to household incomes. The FTSE 100 index edged 0.1% higher. However, gains were capped by energy giants BP Plc and Shell Plc , down 1.3% and 0.6%, respectively, as oil prices plunged more than $5 a barrel on news the United States is weighing its largest-ever drawdown from its oil reserves to lower fuel prices. Still, the commodity-heavy FTSE 100 is tracking a sixth straight quarterly gain, while the FTSE 250 is set for its first quarterly decline since March 2020, amid rising concerns about a dent to economic growth because of surging inflation. Meanwhile, Ukrainian forces are preparing for new Russian attacks in the east of the country as Moscow deploys more troops there.

(Reporting by Devik Jain in Bengaluru; Editing by Rashmi Aich and Uttaresh.V)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))

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