FTSE 100 Rises as Miners, AstraZeneca and Rolls-Royce Lead Market Gains
Market Overview and Key Movers
Aug 17 (Reuters) - Britain's FTSE 100 edged higher on Monday, on track to end six straight days of losses, as strength in mining stocks, AstraZeneca and Rolls-Royce offset broader caution ahead of this week's UK inflation figures.
The blue-chip FTSE 100 index rose 0.1% to 10,757.91 points by 1022 GMT, while the mid-cap FTSE 250 slipped 0.2%.
AstraZeneca Drives Healthcare Gains
• AstraZeneca rose 0.9% after reporting results from two of its late-stage lung cancer trials. The drugmaker said its Tagrisso-Orpathys combination and Daiichi Sankyo-partnered Enhertu met key goals, though it discontinued a separate late-stage study of volrustomig plus chemotherapy in patients with metastatic non-small cell lung cancer.
Mining Stocks Boost FTSE 100
Gold and Copper Prices Support Sector
• Shares of miners offered among the biggest boosts to the FTSE 100 index as gold prices firmed and copper started the week strongly. Fresnillo climbed 1.9% and Antofagasta added 1.5%. Glencore and Anglo American gained between 1.3% and 1.8%.
Rolls-Royce Sees Upgrades
Analyst Price Target Increases
• Rolls-Royce climbed 1.8% after Morgan Stanley and Citigroup raised their price targets on the firm.
Major Drags on the Index
Consumer and Energy Stocks Fall
• On the downside, Unilever fell 1.3%, Tesco lost 1.6% and BP slipped 0.8%, making them among the biggest drags on the blue-chip index.
Global Market Sentiment
US Economic Data and Federal Reserve Outlook
• Global shares edged higher and the dollar slipped towards two-month lows after a run of soft U.S. economic data, including an unexpected drop in retail sales, saw markets reduce bets for an imminent rate hike from the Federal Reserve.
Economic Data to Watch
UK Job Market and Inflation Figures
• Traders were also keeping a close eye on UK job market data due on Tuesday and inflation data on Wednesday for further clues on the Bank of England's policy path.
Business and Employment Trends
Employer Sentiment Survey
• Separately, British employers remained reluctant to hire and business confidence stayed near its weakest levels outside the COVID-19 pandemic, according to a survey published by the Chartered Institute of Personnel and Development.
Housing Market Update
August Price Movements
• In the housing market, asking prices for newly listed homes posted their biggest August fall since 2018, property website Rightmove said.
Credit Ratings and Other Movers
UK Sovereign Credit Rating
• Britain's sovereign credit rating was maintained at "AA-", with a stable outlook, by Fitch late on Friday.
Time Finance Acquisition
• Among other stocks, Time Finance jumped 9.5% after investment vehicle Bentley Park Ltd. agreed to acquire the SME lender for about £55.1 million ($74.75 million).
Currency Exchange Rate
($1 = £0.7371)
(Reporting by Anand Gopal)