Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

London midday: Stocks stay up as miners rally

Published 11/04/2023, 12:57
London midday: Stocks stay up as miners rally

Sharecast - The FTSE 100 was up 0.3% at 7,763.75.

Russ Mould, investment director at AJ Bell, said: "UK markets returned from the Easter break with a real spring in their step, helped a positive end to yesterday’s trading session on Wall Street.

"While the latest economic data from China has been weak, that provides both the incentive and the ability to ease monetary policy and launch stimulus spending in areas like infrastructure to help revive growth.

"Mining stocks helped power the FTSE 100 higher as investors reacted to the possible implications for demand. Firmer oil prices lifted BP (LON:BP) and Shell (LON:RDSa), the former of which announced a partnership with smaller peer Harbour Energy (LON:HBR) to develop a carbon capture project in the Humber estuary."

Investors were digesting the latest data out of China, which showed that consumer price inflation slowed to 0.7% year-over-year in March from 1% growth in February, versus consensus expectations for it to be unchanged.

Meanwhile, PPI fell 2.5% in March after declining 1.4% the month before. This was in line with expectations.

On home shores, the latest figures from the British Retail Consortium and KPMG showed that total retail sales rose 5.1% in March compared to the same month last year, down from 5.2% in February.

BRC chief executive Helen Dickinson said: "While the wettest March in over forty years dampened sales growth for fashion, gardening and DIY products, Mother’s Day brightened up sales for the month. Stores were given an extra boost, as last-minute shoppers dashed to their local high streets and shopping centres to purchase jewellery, fragrances and flowers."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In equity markets, heavily-weighted mining stocks were among the top performers, with Antofagasta (LON:ANTO), Rio, Anglo American (LON:AAL) and Glencore (LON:GLEN) all higher.

Glencore gained following a report that the company’s chief executive Gary Nagle plans to meet with some of Teck Resources’ Canadian shareholders in Toronto this week to personally lobby them for support of its proposed takeover of the copper and zinc miner.

Elsewhere, Harbour Energy and BP have signed a deal to develop the Viking carbon capture transportation and storage project in the Humber region of north-east England, using depleted offshore gas fields. Under the terms of the agreement, Harbour will continue as operator of the project with a 60% interest and BP acquiring a 40% non-operated stake.

Persimmon (LON:PSN) was boosted by an upgrade to ‘equalweight’ from ‘underweight’ at Barclays (LON:BARC). Peers rose, with Taylor Wimpey (LON:TW) and Barratt also up.

Cineworld tumbled after saying it had filed a plan for reorganisation with the US Bankruptcy Court that does not provide any recovery for its existing shareholders.

Read more on Sharecast.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.