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UK stocks edge higher as miners, Burberry shine

  • Burberry jumped 3.5% as underlying sales fell 9% in the three months ended December, but the company said it remained confident in the future, buoyed by sales growth of 11% in Asia-Pacific stores.
20 Jan, 2021

UK stocks inched higher on Wednesday as miners gained after a strong production forecast from BHP Group, while luxury brand Burberry jumped on its optimistic outlook for sales growth in Asia.

BHP Group Ltd gained 1.5% after it forecast record iron ore production for fiscal 2021, helped by high prices for the commodity. Other miners Rio Tinto, Anglo American and Glencore rose between 1% and 1.5%.

Burberry jumped 3.5% as underlying sales fell 9% in the three months ended December, but the company said it remained confident in the future, buoyed by sales growth of 11% in Asia-Pacific stores.

The blue-chip FTSE 100 index was up 0.1% by 0807 GMT after Asian shares hit a record high following US Treasury Secretary nominee Janet Yellen's call for more fiscal support.

Prime Minister Boris Johnson said he looked forward to working closely with Joe Biden after his inauguration on Wednesday as US president, highlighting the shared interests of the two close allies.

The domestically focussed FTSE 250 index added 0.4%, with WH Smith Plc adding 2.9% as trading during Christmas was ahead of its expectations.

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