The UK’s FTSE 100 rose on Thursday, snapping a three-day losing streak, supported by a jump in energy shares, while mining stocks climbed as prices of both gold and copper rose.
The commodity-heavy FTSE 100 was up 0.2% by 9:18 GMT, while the mid-cap index slipped 0.2%.
Shares of industrial metal miners gained 0.5% following an uptick in copper prices, with Antofagasta up 1.2%, leading gains on the FTSE 100.
Precious metal miners rose 0.1% as gold prices were up after a weaker US dollar and lower Treasury yields buoyed demand for bullion.
Oil and gas shares climbed 0.8%, leading sectoral gains, with heavyweight BP adding 1.1%.
Travel and leisure stocks were the top decliners, falling 0.9%. PZ Cussons said it expects only a minimal surplus cash position remaining in its Nigeria business beyond what is required for trading by the end of its current financial year.
The soap maker’s shares were up 1.3%. Jersey Oil & Gas shares surged 30.7% after the independent upstream energy company agreed to farm-out a 30% interest in the Greater Buchan Area licences to Serica Energy.
Meanwhile, most British households will face higher energy bills from January after regulator Ofgem increased its price cap by 5% to reflect a rise in wholesale energy prices.
FTSE 100 snaps two-day losing streak on Sage results
“Higher prices will add to pressure on the squeezed UK consumer over the high-usage winter months, threaten the recent energy-driven falls in UK inflation, and leave the UK hostage to higher natgas prices,” said Ben Laidler, global markets strategist at trading and investment firm eToro.
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