Miners, banks thrust FTSE 100 to sixth day of gains

© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

(Reuters) – London’s extended its rally from last week with miners doing most of the heavy-lifting buoyed by higher prices as investors awaited U.S. central bank’s policy meeting, while Footasylum surged after JD Sports’ buyout deal.

The FTSE 100 was up 0.5 percent by 0828 GMT, its sixth straight session in the positive territory after hopes that a potentially disruptive no-deal Brexit would be averted supported it last week.

The more-domestically focussed midcap index, which was carried to a five-month high in the last session, added 0.3 percent.

Miners were on course for their best day in a month as copper prices rose again on concerns over supply tightness. Rio Tinto (LON:) and BHP gained nearly 2 percent each and led the blue-chip gainers.

Deutsche Bank (DE:) and Commerzbank (DE:) confirming that they were in talks about a merger boosted financial stocks, which are on a six-day winning streak as a no-deal Brexit seems to be off the table.

British Prime Minister Theresa May’s government was scrambling on Sunday to get parliament to back her Brexit deal which has already been rejected twice by lawmakers.

After parliament backed a move to delay Brexit, May has just a few days to push her divorce deal through if she wants to go to a summit with the bloc’s leaders on Thursday with something to offer them in return for more time.

News-related moves were scarce saving AIM-listed Footasylum which shot up 74.2 percent to 81 pence, inching near the 82.5 pence a share offered by larger rival JD Sports for the sportswear retailer.

Oilfield services provider Hunting (LON:) jumped 7 percent on the after UBS hiked its rating on stock.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.