Copper Rally Lifts FTSE 100; FTSE 250 Outperforms
FTSE 100 rose 0.4% to 10,377.4 as miners gained on higher copper and gold; the FTSE 250 rose 0.8% while energy stocks fell after crude eased.
The FTSE 100 rose 0.4% to 10,377.4 by 1129 GMT on Tuesday as mining stocks climbed on higher copper and gold prices. The FTSE 250 outperformed, rising 0.8%. If gains hold, the FTSE 100 would end a three-day losing streak.
Industrial metal miners led the advance after copper climbed to a more-than-two-week high. Glencore, Anglo American and Rio Tinto each rose about 2%. Precious metal miners gained around 1.8% as gold rose roughly 1%.
The mid-cap FTSE 250’s rise reflected buying in domestically oriented names. Data from the Bank of England showed mortgage approvals in April reached the highest level in 15 months and consumer credit grew faster than expected. The housebuilding sector rose about 1.5%.
Energy stocks declined, with the oil and gas index down 0.8%, after crude oil prices eased. Market participants referenced comments from US President Donald Trump that talks with Iran were ongoing and a reported partial ceasefire between Hezbollah and Israel in Lebanon.
On corporate news, British American Tobacco fell 2.9% after raising its revenue forecast for smoking alternatives while keeping overall guidance unchanged. GB Group dropped 9.9% after reporting a yearly loss that included a £73.1 million impairment charge.
UK government bond yields edged lower across the curve. The pound rose about 0.1% against the US dollar as trading volumes remained subdued.
Commodity-linked stocks supplied most of the session’s gains, offsetting weakness in the oil and gas sector and a number of company-specific setbacks.
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