U.K. Stocks Advance After Glencore Leads Gains in Mining Sharesby
U.K. stocks rose, as gains in commodity producers helped extend this week’s advance after President Mario Draghi reiterated the European Central Bank will reassess its policy stance next month.
Glencore Plc jumped 5.4 percent after saying profit from trading commodities rebounded. Anglo American Plc and Fresnillo Plc added 2.1 percent or more. Marks & Spencer Group Plc gained 2.8 percent after increasing its profitability projection. Homebuilders Persimmon Plc, Barratt Developments Plc and Taylor Wimpey Plc slid at least 2.3 percent after a report showing acceleration in Britain’s services sector boosted speculation the Bank of England is moving closer to raising rates.
The FTSE 100 added 0.5 percent at the close in London. It trimmed an intraday advance of as much as 1.2 percent after Federal Reserve Chair Janet Yellen said a December rate hike was a possibility if economic data continued to point to growth and firmer consumer prices.
U.K.’s benchmark gauge has risen this week, extending gains after last month’s biggest gain since 2013. The broader FTSE All-Share Index increased 0.4 percent today , while Ireland’s ISEQ Index advanced 0.6 percent.