U.K. Stocks Climb as Shell, BP Lead Commodity-Stock GainsNamitha Jagadeesh
U.K. stocks advanced for a third day, pushing the FTSE 100 Index to its third weekly gain, as miners and oil companies rose.
BP Plc and Royal Dutch Shell Plc climbed more than 1.2 percent. BHP Billiton Ltd. and Rio Tinto Group gained at least 2 percent after Luxembourg-based peer ArcelorMittal reported a bigger than expected jump in profit amid booming U.S. steel demand. Admiral Group Plc declined 3.5 percent after revenue fell in the third quarter. RSA Insurance Group Plc lost 3 percent after reporting lower premiums in the first nine months of the year.
The FTSE 100 Index rose 16.09 points, or 0.3 percent, to 6,567.24 at the close in London, taking its weekly gain to 0.3 percent. The equity benchmark has rebounded 6 percent from a 15-month low reached on Oct. 16. The FTSE All-Share Index gained 0.2 percent today, and Ireland’s ISEQ Index lost 1.5 percent.
A Labor Department report showed U.S. nonfarm payrolls rose 214,000 last month, from a revised increase of 256,000 in September. The median forecast of economists surveyed by Bloomberg was for a gain of 235,000. The jobless rate fell to 5.8 percent, instead of economists’ predictions that it will match September’s 5.9 percent.
(An earlier version of this story was corrected to show ArcelorMittal is based in Luxembourg.)