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FTSE 100 keeps rising as recovery stocks and miners continue to provide support


The UK’s index of leading shares finished ahead by over 116 points, or 1.68%, at 7,039

  • FTSE 100 closes 1.68% higher
  • US stocks also up
  • Croda higher on restructuring talk

5.10pm: FTSE closes ahead

FTSE 100 index closed convincingly higher on Wednesday with big cap miners doing well as US data pointed to an economic rebound across the pond.

The UK’s index of leading shares finished ahead by over 116 points, or 1.68%, at 7,039.

The midcap FTSE 250 was also up, adding nearly 56 points, or 0.25%, at 22,385.

On Wall Street, the Dow Jones Industrial Average advanced over 150 points, while the Nasdaq and S&P 500 added 86 and 22 points respectively.

“While ADP numbers fell short of some of the loftier expectations today, a 742,000 increase in job numbers is welcome news, and when coupled with strong Markit and ISM services PMI readings it is clear that the world’s largest economy is well on the way to a recovery,” said Chris Beauchamp, chief market analyst at online trading group IG.

“After a struggle in March and April the UK’s headline index is back at the highs for the year, and seemingly-determined to keep going,” he added.

4.01pm: Commodity shares lead the way

The FTSE 100 is still on the front foot, up 100.4 points or 1.45% at 7023.57.

Commodity companies and recovery stocks continue to lead the way, with building materials group () up 181p or 529% at 3605p..

Among the rising miners, () has added 141p or 4.58% to 3218p and BHP PLC () is 71.5p or 3.26% better at 2268p.

Michael Hewson at CMC Markets said: “Basic resource stocks are leading the way today with the likes of Anglo American, BHP and Rio Tinto benefitting from the continued rise in copper prices, while Irish construction giant CRH has seen its share trade up at new record highs as optimism over the upcoming US infrastructure stimulus plan helped to underpin the shares. The US is one of CRH’s biggest markets.”

But the FTSE 250 is barely changed on the day, down just 2.13 points at 22,327.91.

Leading the mid-cap index is (), up 15.8p or 3.36% at 486.8p after the group agreed a deal to become the technology supplier to Holland Casino, a land-based casino group in the Netherlands which want to expand online.

3.20pm: Uncertainty over US services

Mixed news from the US service sector.

The Markit report has come in better than expected in April, with the services purchasing managers index up from 60.4 to 64.7.

Chris Williamson, chief business economist at IHS Markit, said: “Thanks to the cocktail of a successful vaccine roll-out, the reopening of the economy, ultra-accommodative monetary policy and injection of fresh fiscal stimulus, businesses are reporting the strongest surge in demand seen for at least a decade.

“The upswing in demand has led to one of the strongest months of job creation yet recorded by the survey as business prepares for better times ahead.

“The biggest threat to the outlook remains new virus variants, which will inevitably mean international travel and associated business activity will stay under pressure for some time to come, but in the meantime the domestic economy is faring very well, especially consumer facing industries.”

But the Institute for Supply Management is less upbeat in its survey. Its services index has dropped from 63.7 to 62.7 in April.

 

So the Dow Jones Industrial Average is now up just 0.05%, but the FTSE 100 is still performing well, up 92.37 points or 1.33% at 7015.54. 

2.39pm: Wall Street opens higher after ADP jobs data

The main indices on Wall Street opened on the front foot on Wednesday after the latest ADP jobs report showed a surge in private sector hiring in April, although less than analysts had…



Read More: FTSE 100 keeps rising as recovery stocks and miners continue to provide support

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