FTSE 100 edges higher as mining stocks lift index
London’s FTSE 100 rose this morning as mining stocks buoyed the index on higher metal prices.
The blue-chip index advanced 0.1 per cent in early trading, but gains were limited by oil majors BP and Royal Dutch Shell both slipping on lower crude prices.
Meanwhile, the mid-cap FTSE 250 added 0.1 per cent, as Equiniti Group jumped 7.6 per cent after it agreed to be taken over by a new company in a £673m deal.
Market movers
The FTSE 100’s biggest winner was miner Rio Tinto, who rose 3.7 per cent, followed by Antofagasta, up by 3.4 per cent.
Glencore and manufacturer Melrose Industries also rose 3.2 per cent and three per cent respectively.
Johnson Matthey was the morning’s biggest faller, dropping by 4.4 per cent, followed by Imperial Brands’ 2.9 per cent hit.
Meanwhile, water company Severn Trent and marketing firm DCC dipped by 2.8 per cent and 2.7 per cent respectively.
Around the world
Asian shares reversed early losses today and hovered near two-week highs as investors awaited US data to gauge whether inflationary pressures were temporary.
“Inflation still tops the list of concerns amongst our client base, but it very well could be that this theme is now starting to be priced in,” JPMorgan analysts wrote.
Chinese shares rose 0.3 per cent after staging a late turnaround, while Japan’s Nikkei dropped 0.3 per cent.
The pan-European Stoxx 600 index gained 0.1 per cent, while German shares shed 0.4 per cent.
Elsewhere, Australian shares rose while New Zealand’s benchmark index ended 0.8 per cent lower to extend losses for a second day.