FTSE 100 Rises to 6-Week High With All Stocks Up; Glencore JumpsBy
U.K. stocks rallied the most in more than a month as Glencore Plc led mining shares higher.
Glencore jumped 21 percent, the most since its 2011 initial public offering, after its Hong Kong-listed shares soared as much as 72 percent. The Swiss miner tumbled 77 percent this year through Sept. 28 amid worry about the company’s solvency, a concern that analysts at Sanford C. Bernstein & Co. said today was unjustified. Anglo American Plc and Antofagasta Plc also gained, up 4.7 percent or more.
The FTSE 100 Index added 2.8 percent to 6,298.92 at the close in London, the highest level since Aug. 20. With every stock up, the benchmark gauge capped a fourth day of gains, its longest winning streak since July. The broader FTSE All-Share Index advanced 2.6 percent, and Ireland’s ISEQ Index rallied 3 percent.
London-listed stocks with emerging market exposure tracked gains in Asian shares today. Standard Chartered Plc, which gets almost a third of its revenue from Greater China, rallied 6.3 percent. Aberdeen Asset Management Plc, which invests about a quarter of its assets in developing markets, rose 5.3 percent.
Among other shares active on corporate news, Xchanging Plc surged 50 percent after confirming separate takeover approaches from Capita Plc and Apollo Global Management Co.
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