FTSE edges back up as miners, oils, banks gain

* FTSE 100 index adds 0.4 percent

* Oils, miners, banks in demand as recent jitters fade

* U.S. Q1 GDP awaited, due at 1230 GMT

By Jon Hopkins

LONDON, May 26 (Reuters) - Britain's leading share index pushed higher at midday, lifted by gains in heavyweight mining, oils, and banking stocks as recent concerns over the global economy receded while investors awaited U.S. GDP data.

At 1050 GMT, the FTSE 100 <.FTSE> was up 25.30 points, or 0.4 percent at 5,895.44, dipping back just below the psychologically important 5,900 level breached earlier.

Integrated oils and specialty mining were the two best performing blue chip sectors, with Antofagasta a top mining gainer, up 3.1 percent, supported by a Morgan Stanley upgrade from Wednesday.

Banks also pushed higher led by Lloyds Banking Group , ahead 1.8 percent as Virgin Money [VA.UL] stepped up its bid interest in 600 retail branches which the British bank has been ordered to sell by regulators.

Richard Branson, whose parent company runs the Virgin Money brand, told the Financial Times that he was planning to make a formal bid for the 600 Lloyds branches in July. [ID:nLDE74P056]

Investors were awaiting U.S. preliminary first-quarter GDP, due at 1230 GMT, for fresh direction, with expectations being that the U.S. economy grew at an albeit still sluggish 2.1 percent annual rate in the first quarter, according to a Reuters survey, rather than the 1.8 percent pace estimated last month.

"Expectations are for the figure to be upwardly revised, which would certainly help to quell some of the negative sentiment that has been dogging the markets this week," said Ben Critchley, sales trader at IG Index.

"Investors will be hoping that this, along with a sustained rise in commodity prices, can help kick-start another rally in equities - though with the European debt crisis far from resolved, any perceived weakness could see the bears pile back in," Critchley added.

U.S. weekly jobless claims are also due at 1230 GMT.

MAN ALIVE

Man Group was the top blue chip gainer, up 4.0 percent, as the hedge fund group's full-year results beat expectations, with its assets up 3 percent to $71 billion over the past two months. [ID:nLDE74O0KF]

Engineer Weir Group gained 2.8 percent as RBS raised its target price after upgrading its forecasts to reflect the firm's recent bullish interim management statement and its positive outlook on the group.

RBS repeated its "buy" recommendation on Weir and raised its target price to 2,125 pence, up from 1,935 pence.

But on the downside, Burberry Group shed 3.8 percent, retreating after a strong recent run in the share price, after posting full-year results. [ID:nLDE74O1N1]

"Although the results for YE 31 March were largely in-line with expectations, with tightened margins likely to hurt profitability going forward and the risk of continued slowdown amid fiscal tightening in Asia, H2O Markets believe a period of consolidation is long overdue," says Eku Kobayashi, economist at H2O Markets, which has a "short-term sell" stance on Burberry.

Meanwhile Shire shed 1.6 percent and adding to falls in the previous session after the firm said more rivals planned a generic version of its Vyvanse drug. [ID:nPreEDD9e]

(Editing by Greg Mahlich)