U.K. Miners Poised for Best 4-Day Rally Since July Following Fedby
A rally in U.K. miners extended into a fourth day amid optimism central banks will remain supportive of global growth.
Federal Reserve Chair Janet Yellen yesterday delayed an interest-rate increase to give the U.S. economy more room to run, spurring gains in commodities. BHP Billiton Ltd., Glencore Plc and Anglo American Plc all climbed more than 3.2 percent, leading gains in the FTSE 100 Index.
The FTSE 350 Mining Index climbed 3.2 percent at 9:06 a.m., poised for its biggest four-day advance since July. After sliding for the past three years, the gauge is up 67 percent this year amid a stabilization in commodity prices. The broader FTSE 100 added 0.6 percent today, while the FTSE 250 Index of midcaps rose 0.5 percent.
Among other shares active on corporate news, Lamprell Plc jumped 9.8 percent, the most since April, after forecasting its cash position will strengthen in the coming months. The oil-rig engineering service company’s “cash cushion” should provide protection from some of the risks to its 2017 order book, Investec Plc wrote in a note.
HSBC Holdings Plc led a decline in banks, down 2.1 percent after three straight days of gains.