U.K. Stocks Climb Second Day as Miners and Energy Companies Gainby
U.K. stocks rose for a second day, with mining and energy companies leading gains amid a rebound in oil prices and speculation that concern over China’s economy has been overblown.
Rio Tinto Plc added 1.9 percent as metals prices increased. Among energy stocks, BP Plc contributed the most to the rally with a 4 percent advance as oil recovered after falling below $30 a barrel for the first time in 12 years. Tullow Oil Plc jumped 4.7 percent after saying it plans to reduce capital expenses this year. Shire Plc rose 3.8 percent after its Chief Executive Officer Fleming Ornskov said the company will continue seeking merger-and-acquisition opportunities.
The FTSE 100 Index climbed 0.5 percent to 5,960.97 at the close in London, paring a gain of as much as 1.4 percent. The gauge has lost 4.5 percent since the start of the year amid concern that a slowdown in China could be worse than anticipated. It rebounded yesterday as retailers climbed on better-than-expected holiday sales.
The broader FTSE All-Share Index added 0.5 percent today and Ireland’s ISEQ Index lost 0.2 percent.