U.K. Stocks Erase Annual Losses as Anglo Jumps on Diamond Salesby
Britain’s equities have erased their losses for the year, joining developed markets in the U.S., Canada and New Zealand.
A jump in miners sent the FTSE 100 Index up 0.7 percent, putting it virtually unchanged for 2016. Anglo American Plc rallied 9.2 percent after the De Beers unit reported an increase in diamond sales. BHP Billiton Ltd. and Glencore Plc climbed more than 3.9 percent. Asos Plc added 8.8 percent after posting retail revenue growth that beat estimates. Standard Chartered Plc advanced for a fifth day, its longest streak in a month.
The FTSE 100 has been outperforming its regional peers this year, thanks to the rally in miners and weaker pound. HSBC global equity strategists including Ben Laidler and Daniel Grosvenor just raised their rating on U.K. stocks to neutral from underweight.
Among stocks that fell, Ashtead Group Plc and Intu Properties Plc lost more than 1.7 percent on analyst downgrades.
The broader FTSE All-Share Index rose 0.6 percent on Tuesday, while Ireland’s ISEQ Index fell 0.4 percent.