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* Brewin Dolphin down after warning on market volatility
* Tech co IQE slumps on cut profit forecast
* Mulberry's sales rise to pre-pandemic levels
* FTSE 100 up 0.2%, FTSE 250 flat
(Updates prices, adds comments)
By Bansari Mayur Kamdar
Nov 24 (Reuters) - UK's FTSE 100 rose for a third day on Wednesday, led by energy majors after oil prices gained, while leather bag company Mulberry jumped on strong earnings as demand for its luxury products returned to pre-pandemic levels.
The commodity-heavy FTSE 100 .FTSE climbed 0.2% after hitting one-week highs earlier in the session, while the domestically focussed mid-cap index .FTMC was flat.
BP BP.L and Royal Dutch Shell RDSa.L rose more than 1% each with crude prices inching up as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves. O/R
Miners .FTNMX551020 added 1.0%, supported by higher copper prices after China's latest announcement to relax its fiscal policy and support the debt-laden property sector eased some concerns about Chinese demand. MET/L
The FTSE 100 index has added 13.1% this year, but continues to underperform its European peers with supply chain worries and inflationary pressures capping its gains.
"The valuations on UK stocks continue to be very cheap relative to both global and US markets," said Oliver Blackbourn, portfolio manager at Janus Henderson Investors.
"It's the ESG factor. People can see the inflationary benefits of owning materials and energy stocks and if you're worried about higher interest rates, UK has a lot of financials, but that is not something you want from an ESG perspective."
Mulberry MUL.L soared 25%, as per prices on Google Finance, after reporting that demand for its luxury products was back at pre-pandemic levels with sales in the UK and Asia powering a 34% surge in first-half revenue.
Among decliners, IQE Plc IQE.L , which makes semiconductor wafers for chips, slumped 16.8% after it forecast lower annual profit margin and revenue.
Asset manager Brewin Dolphin BRW.L slid 5.3% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels.
Genetics company Genus GNS.L sank 14% after the company cut its profit guidance on downturn in China.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The FTSE 100 index has added 13.1% YTD lifted by a 31% rally in energy stocks
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(Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V and Shinjini Ganguli)
((BansariMayur.Kamdar@thomsonreuters.com;))
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