Commodity Producers Push U.K.'s FTSE 100 Higher for a Second Dayby
Helped by gains in mining shares, U.K. stocks climbed further, extending a rebound since last month’s low.
Anglo American Plc and Glencore Plc led the advance in the FTSE 100 Index, up at least 4.4 percent. The benchmark measure rose 0.6 percent at the close in London, paring an increase of as much as 1 percent. It rallied 1.7 percent on Friday, trimming its first weekly drop in four, as investors reassessed stimulus measures announced by the European Central Bank and metal prices increased.
Commodity producers are rising today for the 10th time in 12 sessions. They have led the FTSE 100’s recent rebound, pushing the gauge up more than 7 percent since a Feb. 11 low. The FTSE All-Share Index also gained today, while Ireland’s ISEQ Index fell.
Among shares active on corporate news, Stagecoach Group Plc lost 5.4 percent after HSBC Holdings Plc cut its rating on the shares to reduce from neutral, citing weakness across its rail businesses. Admiral Group Plc declined 2 percent after Bank of America Corp. and HSBC downgraded the motor insurer. The shares climbed to a record last week, jumping as much as 19 percent this year.