FTSE Escapes Stodgy Session Thanks To Its Rising Mining Stocks

FTSE Escapes Stodgy Session Thanks To Its Rising Mining Stocks

Spreadex  | Aug 18, 2020 08:24

It was a stodgy session for all bar the FTSE, which benefited from its hefty clique of mining stocks.

With US-China trade talks postponed indefinitely, and covid-19 deaths the wrong side of 170,000, there was little reason for the Dow Jones to avoid a red open. Falling 0.3%, the index was put on the journey back towards 27850, the rally that defined the first half of August continuing to stall.

While the Dow dipped, the Eurozone was asleep. The DAX squeezed out a 0.1% increase, keeping it above 12900, but with the CAC failing to turn up to work, sitting unchanged at 4970.

Easily the day’s strongest index, the FTSE bested its buddies with a 0.8% increase, attempting to retake 6150 once again. It appeared that the index’s successes were linked to the latest lunge from gold. The safe haven instrument became appealing after another weekend of disappointing or downright worrying headlines, climbing 2.1% to re-cross $1990 per ounce.

And with copper also up 2%, the FTSE’s miners started the week on the front foot. Anglo American (LON:AAL) and Fresnillo (LON:FRES) led the way with 3%-plus gains, with the likes of Rio Tinto (LON:RIO) and Glencore (LON:GLEN) both jumping more than 2%.

This helped counter the latest fall from the FTSE’s beleaguered travel sector, with IAG (LON:ICAG) down 5% and Intercontinental Hotels Group (LON:IHG) slipping 2.3% as covid-19 resume their rise both in the UK and on the continent.

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