LONDON MARKETS: FTSE 100 Gaining Ground, Led By Miners
26 November 2015 - 3:10PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. stocks gained ground Thursday, with blue chips holding at a
three-week high as commodity and defense shares advanced.
The FTSE 100 rose 0.7% to 6,380.66, heading toward its highest
close since Nov. 4. The index on Wednesday climbed 1%
(http://www.marketwatch.com/story/uk-stocks-move-higher-ahead-of-british-spending-review-2015-11-25),
led by housing stocks following a government plan to boost spending
in the sector.
The mining group on Thursday led all sectors higher, with gains
for metals producers coming alongside a more than 2% jump in copper
futures
(http://www.marketwatch.com/story/copper-prices-rally-on-reports-china-will-probe-short-selling-2015-11-26)
. Chinese regulators may be looking into short-selling of copper
and other metals, while metals suppliers in China plan to meet this
week to discuss how to respond to the slide in prices for the
industrial metals, according to a Bloomberg report
(http://www.bloomberg.com/news/articles/2015-11-26/nickel-leads-metals-surge-as-china-smelters-said-to-discuss-cuts).
Copper prices have hit six-year lows this year, and have lost about
26% in 2015.
Topping the FTSE 100 was commodities trader and miner Glencore
PLC (GLEN.LN) as shares tacked on 4.9%. Its shares this year have
tumbled 68% this year, in part on worries the slowdown in China's
economy will hurt demand for metals.
Copper producer Antofagasta PLC (ANTO.LN) picked up 3.4%,
precious metals miner Fresnillo PLC (FRES.LN) moved up 3% and Anglo
American PLC (AAL.LN) rose 2.9%. Rio Tinto PLC's (RIO) gain was
pared to 0.3%.
But iron ore heavyweight BHP Billiton Ltd. (BLT.LN) shares fell
2.3%, sitting at the bottom of the FTSE 100 as the company refuted
claims
(http://www.marketwatch.com/story/bhp-billiton-refutes-un-toxic-dam-spill-findings-2015-11-26)
about the presence of toxic chemicals in waste from a dam that
failed at a mining operation jointly owned by BHP.
Defense shares: U.K. Prime Minister David Cameron outlined in
parliament his case for launching airstrikes
(http://www.marketwatch.com/story/britains-prime-minister-argues-for-uk-launch-of-airstrikes-in-syria-2015-11-26)
against terrorist group ISIS in Syria. Cameron could hold a vote on
the issue as early as next week.
Shares of BAE Systems PLC (BA.LN) gained 2.3% and combat
training systems maker Meggitt PLC (MGGT.LN) moved up 0.5%.
Rolls-Royce Holdings PLC (RR.LN), however, fell 1.2%, on course for
their first loss in five sessions.
Movers: Water company Severn Trent PLC (SVT.LN) rose 0.3%
following its report that half-year profit rose while the number of
customer complaints fell
(http://www.marketwatch.com/story/severn-trent-profit-up-as-customer-complaints-fall-2015-11-26).
Tesco PLC (TSCO.LN) shares rose 0.5%. The supermarket chain
operator said it's reached a $12 million (GBP7.9 million) agreement
(http://www.marketwatch.com/story/tesco-to-pay-12-million-to-settle-us-lawsuit-2015-11-26)
to settle a class action lawsuit in New York. Holders of Tesco's
American depositary receipts, or U.S.-listed shares, had alleged
breaches of certain federal securities laws related to Tesco's
overstatement commercial income. The overstatement was announced in
September 2014.
Equity trading in the U.S. was closed Thursday for the
Thanksgiving Day holiday. Read: When do U.S. markets close during
Thanksgiving week?
(http://www.marketwatch.com/story/when-do-markets-close-around-thanksgiving-2015-11-23)
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 26, 2015 09:55 ET (14:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.