FTSE 100 Reverses Drop to Post Biggest Five-Day Gain Since 2011by
U.K. stocks advanced, with the FTSE 100 Index capping its biggest five-day rally in almost four years with help from a rebound in shares of Glencore Plc.
The benchmark index rose 0.4 percent to 6,326.16 at the close in London, after earlier falling as much as 0.7 percent. Glencore reversed an earlier drop of as much as 7.7 percent to gain 2.5 percent, its fourth day of increases after the stock posted its biggest ever advance yesterday. The miner has more than recovered losses since its record 29 percent plunge a week ago.
SABMiller Plc lost 3.8 percent after people familiar with the matter said the company rejected an informal takeover offer from Anheuser-Busch InBev NV that it considered too low.
Tesco Plc rose 3 percent ahead of reporting first-half results tomorrow. Wm Morrison Supermarkets Plc climbed 3.2 percent after saying it has abandoned a strategy to match prices of rivals. 3i Group Plc rose for a fifth day. The company has appointed an adviser to handle an auction of its Mayborn Group unit, Sky News reported last week.
The FTSE 100 yesterday capped a fourth day of gains, its longest winning streak since July. The broader FTSE All-Share Index added 0.4 percent, and Ireland’s ISEQ Index gained 0.3 percent today.