U.K. Stocks Snap Two-Day Decline as Miners Rally on Commoditiesby
U.K. stocks snapped a two-day decline as mining companies rallied on higher metals prices.
Antofagasta Plc led gains with a 5.3 percent jump, while BHP Billiton Ltd. added 2.8 percent as a weaker dollar boosted commodity prices. Among stocks moving on corporate news, Premier Oil Plc climbed 2.6 percent after raising its full-year output guidance. Kingfisher Plc reversed an earlier decline to rise 1.9 percent after reporting better-than-expected second-quarter sales.
The FTSE 100 Index of large companies added 0.1 percent to 6,868.96 at the close of trading in London. The FTSE 250 Index of mid-cap firms rose 0.6 percent, while Ireland’s ISEQ Index gained 0.6 percent.
European stocks climbed for the first time in five days, rebounding from a two-week low, on speculation that central banks will remain accommodative after Federal Reserve meeting minutes quelled speculation that borrowing costs could rise as soon as next month.
The FTSE 100, which is heavily weighted with export-dependent companies, has benefited from a weaker sterling this year, taking its annual gain to 10 percent for one of the best performances among developed markets.