British shares end higher led by gains in oil and mining stocks
Reuters
Published Apr 06, 2021 08:34
Updated Apr 06, 2021 17:45
By Devik Jain and Shashank Nayar
(Reuters) -British shares ended higher on Tuesday led by heavyweight commodity-focussed stocks, while prospects of a planned economic reopening from a coronavirus lockdown starting next week helped boost sentiment towards beaten down travel and leisure shares.
The blue-chip FTSE 100 index ended up 1.3% at its highest since Jan. 8. Energy group BP (LON:BP) Plc gained 3.5% and was the biggest boost to the index after saying it expects to reach its $35 billion net debt target in the first quarter of 2021.
Mining heavyweights Rio Tinto (LON:RIO), BHP group and Anglo American (LON:AAL) jumped nearly 2.5% each, tracking higher metal prices. [METL/]
"As uncertainty about Brexit has pretty much cleared away and (hopes) of a stronger global economic recovery (increase), I'd expect the UK economy is going to be in a better position than some this year and sort of more domestic kind of UK focus stocks to do quite well," said Neil Wilson, chief market analyst for Markets.com.
The FTSE 100 has risen 5.6% so far this year, supported by speedy vaccine rollouts and a raft of economic stimulus, although a spike in virus cases across Europe and a jump in benchmark bond yields tempered optimism.
The number of people heading out to shops across Britain rose by 8.5% in the week to April 3 versus the previous week despite the national lockdown, market researcher Springboard said on Tuesday.
Consumer goods manufacturers Unilever (LON:ULVR) and Diageo (LON:DGE) also led gains to the FTSE 100, adding 1.6% and 2.5% respectively.
Prime Minister Boris Johnson on Monday said England could proceed to Stage 2 of his roadmap out of lockdown from April 12 with the opening of all shops, gyms, hairdressers and outdoor hospitality areas.
Globally, mood was also lifted by strong economic data from the United States and China, and an easing in bond yields after a month of rapid gains. [MKTS/GLOB]
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Written By: Reuters
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