FTSE 100 Climbs as Mining Stocks Rally, Market Eyes Middle East Developments
Market Overview and Key Drivers
June 2 (Reuters) - UK's blue-chip FTSE 100 climbed on Tuesday, boosted by mining-linked stocks as prices of some base metals rose, while oil prices ticked lower amid rekindled hopes of a U.S.-Iran peace deal.
The blue-chip FTSE 100 index rose 0.4% to 10,377.4 points by 1129 GMT, set to snap a three-day losing streak, if gains hold. The midcap FTSE 250 climbed 0.8%.
Sector Performance Highlights
Mining Stocks Lead Gains
• Industrial metal miners led gains, with heavyweights including Glencore, Anglo American and Rio Tinto climbing around 2% each as copper prices climbed to a more than two-week high.
• Precious metal miners also rose 1.8% as gold prices climbed around 1%.
Financial and Housing Sector Movements
• Data from the Bank of England showed British lenders approved the most mortgages in 15 months in April, while consumer credit grew faster than expected. Shares of homebuilders advanced 1.5%.
Oil, Gas, and Geopolitical Influences
• Oil and gas stocks dropped 0.8% as crude oil prices came under pressure after U.S. President Donald Trump said talks with Iran were ongoing.
• Lebanon also announced a partial ceasefire between Hezbollah and Israel.
Notable Individual Stock Moves
British American Tobacco
• Among single stocks, British American Tobacco raised its forecast for revenue from smoking alternatives like vapes after a significant U.S. policy shift, but kept its group-wide guidance unchanged, sending its shares down 2.9%.
GB Group
• GB Group slid 9.9% after the identity technology company clocked a yearly loss due to a impairment charge of 73.1 million pounds.
Market Indicators
Bond Yields and Currency
• Meanwhile, British government bond yields inched slightly lower across the curve, while the pound inched 0.1% higher against the dollar.
Reporting Credits
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber)
