Commodity Share Rally Makes U.K. Stocks Gain Most Since Octoberby
Britain’s shares jumped the most since Oct. 5 as a rebound in commodities pushed mining companies higher.
Glencore Plc and Anglo American Plc, the worst performers in the FTSE 100 Index this year, surged 8.5 percent or more. BHP Billiton Ltd. and Rio Tinto Group rose at least 6.1 percent. Royal Dutch Shell Plc advanced 4.8 percent after announcing further spending cuts, pacing a second day of gains in a gauge of energy producers.
The FTSE 100 rose 2.6 percent to 6,240.98 at the close in London, trimming its yearly decline to 5 percent. The FTSE All-Share Index added 2.3 percent today, while Ireland’s ISEQ Index increased 1.1 percent.
The volume of shares changing hands on FTSE 100 companies was a 23 percent lower than the 30-day average. The U.K. market is partially open tomorrow, before closing down for Christmas holidays. It will reopen on Dec. 29.
Britain’s economy expanded less than previously estimated in the past two quarters, a report from the Office for National Statistics in London showed.