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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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36.17 | 0.45% | 8,115.03 | 8,136.52 | 8,078.86 | 8,078.86 | 0 | 13:15:59 |
By Sara Sjolin, MarketWatch
Mining shares fall after China clamps down on commodity speculation
U.K. stocks tried to shake off recent losses on Tuesday, moving cautiously higher after well-received earnings reports from BP PLC and Whitbread PLC.
The FTSE 100 index rose 0.5% to 6,292.05, after slumping 0.8% on Monday (http://www.marketwatch.com/story/ftse-100-in-the-red-as-mining-shares-slump-2016-04-25) and ending at the lowest close since April 12.
Shares of Whitbread (WTB.LN) led gainers on Tuesday, up 3.2% after the owner of Costa Coffee and Premier Inn raised its dividend by 10% (http://www.marketwatch.com/story/whitbread-profit-up-5-raises-dividend-by-10-2016-04-26) and reported a 5% rise in pretax profit for the year.
BP (BP.LN) (BP.LN) climbed 2.8% after the oil giant reported underlying earnings ahead of forecasts (http://www.marketwatch.com/story/bp-posts-loss-but-underlying-earnings-beat-views-2016-04-26). Chief Executive Bob Dudley said BP is "driving toward our near-term goal of rebalancing" cash flows.
Peer oil group Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) gained 0.7% ahead of its earnings report due Wednesday next week.
Miners, however, weighed on the London benchmark in Tuesday's trade as Chinese efforts to calm a recent rally in commodity prices were seen as taking a toll on sentiment. The Financial Times reported that Chinese authorities are clamping down on speculative trade (http://www.cnbc.com/2016/04/25/china-clamps-down-on-commodities-frenzy.html) in the commodity markets after activity surged in recent days.
Shares of Glencore PLC (GLEN.LN) (GLEN.LN) lost 1.3%, Rio Tinto PLC (RIO) (RIO) (RIO) fell 0.9%, and Fresnillo PLC (FRES.LN) dropped 0.5%.
The pound continued its march higher, trading at $1.4544 compared with $1.4483 late Monday in New York.
"Between [U.K. Chancellor of the Exchequer] George Osborne's 200-page dossier on the risks of leaving the EU, Barack Obama's warning that a trade deal wouldn't come easy or fast, and the sheer lack of anything from the 'leave' campaign, the odds of a Brexit have fallen considerably, which the pound is benefiting greatly from," said Craig Erlam, senior market analyst at Oanda, in a note.
Read:Brexit looks less likely after Obama's pro-EU comments (http://www.marketwatch.com/story/obamas-brexit-comments-spark-sharp-rise-in-pro-eu-betting-2016-04-25)
(END) Dow Jones Newswires
April 26, 2016 04:19 ET (08:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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