U.K. Stocks Wipe Out February Slump With Rally in Mining Sharesby
British equities rode advances in mining stocks to advance for a second day, erasing losses from this month’s rout that afflicted most of the region’s stocks.
Miners led the gains, with Glencore Plc, Anglo American Plc and BHP Billiton Plc adding at least 3.8 percent. Pearson Plc rose 4.3 percent after reporting earnings that met analyst targets. Royal Bank of Scotland Group Plc plunged 7.1 percent after saying it would take longer than originally planned to resume shareholder payouts after reporting its eighth consecutive annual loss.
The FTSE 100 Index advanced 1.4 percent, rising to a Jan. 5 high and trimming this year’s decline to 2.3 percent. The decline still makes the benchmark the best performer among developed markets in Europe. Equities have been helped by a weakening currency, with the pound on track to post its worst week since 2009.
The broader FTSE All-Share Index and Ireland’s ISEQ Index climbed more than 1.3 percent today. The volume of FTSE 100 stocks changing hands was 10 percent lower than the 30-day average.