London’s FTSE 100 edges higher as miners rally on record copper prices

Kitco Media
By Reuters
Published:
Updated:
Reuters
London’s FTSE 100 edges higher as miners rally on record copper prices teaser image

Dec 23 (Reuters) - London's FTSE 100 ended higher on Tuesday, supported by gains in shares of banks and miners amid thin trading volume ahead of the Christmas break.

The UK's blue-chip FTSE 100 (.FTSE), closed 0.3% higher, extending its upward momentum from last week after the Bank of England's 25-basis-point interest rate cut pushed the index to a five-week high.

The domestically focussed midcap FTSE 250 (.FTMC), index added 0.1%.

Trading volumes typically decrease during the holiday-shortened week. Markets will close early on Wednesday, and remain shut on Thursday for Christmas Day and on Friday for Boxing Day.

Miners Anglo American (AAL.L), rose 2.6% along with Antofagasta (ANTO.L), and Rio Tinto (RIO.L), adding 1.8% and 1.1%, respectively, as copper prices surged to a record high, crossing the $12,000 mark.

Anglo American also benefitted from Wells Fargo initiating coverage with an equal weight rating and a target price of $17.

Lenders HSBC (HSBA.L), and Barclays (BARC.L), added 0.7% and 0.8%, respectively.

Miners and financial stocks, along with defence stocks, were the biggest drivers of the FTSE 100's gains this year, which is up 16% year-to-date.

Similarly, pan-European STOXX 600 (.STOXX), and Wall Street's benchmark S&P 500 index (.SPX), have also gained about 16% each so far.

Healthcare stocks (.FTNMX201030), climbed 0.4% in the session, mirroring gains in European peers, after heavyweight Novo Nordisk (NOVOb.CO), clinched the U.S. approval of its weight-loss pill.

Metlen Energy and Metals (MTLN.L), was up after the real estate investment trust completed a renewables transaction in Chile.

Weighing on the FTSE 100 index, Diageo (DGE.L), dropped 1.8%, extending its slide to a second session, while Compass Group (CPG.L), fell 1.2%.

Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.