British Stocks Reverse Declines, Closing at Highest Since Augustby
U.K. shares erased a drop, following Europe’s equities that pared their slides, to close at their highest levels since August.
The FTSE 100 Index rose less than 0.1 percent at the close of trading in London, after sliding as much as 0.5 percent. The FTSE 250 Index of mid-cap companies added 0.2 percent. Rio Tinto Group lost 3.5 percent after reporting that second-quarter iron ore production rose less than expected, while BHP Billiton Ltd. and Glencore Plc fell more than 2.9 percent. Coca-Cola HBC AG advanced 3.1 percent after JPMorgan Chase & Co. raised its rating on the bottler.
Ireland’s ISEQ Index declined 0.2 percent, and the regional Stoxx Europe 600 Index lost 0.4 percent after falling as much as 1 percent. Thanks to the weakening of the pound, the FTSE 100 has become the third-best performer among developed markets this year.
Data on Tuesday showed U.K. inflation accelerated in June more than economists had forecast.