FTSE 100 rises on mining, oil boost; Tesco drops in ex-dividend trading

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(Businesshala) – London’s FTSE 100 rose to a two-month high on Thursday, fueled by heavyweight oil and mining stocks, while retailer Tesco was one of the top drags as its shares traded ex-dividend.

FILE PHOTO: The offices of the London Stock Exchange Group can be seen in the City of London on December 29, 2017. Businesshala/Toby Melville/File photo

The blue-chip FTSE 100 index climbed 0.7% at 0820 GMT 7,190.73, with miners Rio Tinto and Glencore among the top performers.

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Oil majors BP and Royal Dutch Shell rose 1.1% and 1.3%, respectively.

Industrial miners and oil stocks are the best-performing sub-indices so far this year, adding 23% and 35%, respectively.

The mining index has risen more than 200% since March 2020, as economies reopen from pandemic-led lockdowns due to improved demand for the metal.

The FTSE 100 has gained 11% so far this year, but has slowed down on the bet that rising inflationary pressures will prompt central banks to roll back their liberal monetary policies.

“People think maybe the economy is not as bad as it seems, but then you also get the realization that things are about to change and we are going to start seeing the medical relief that was given to the economies. In the case, said Danny Hewson, an analyst at AJ Bell, “the comeback is about to begin.”

Markets are waiting on Thursday from policymakers at the Bank of England amid hopes that the central bank will start raising its interest rate to a record-low 0.1% before the end of the year. [BOEWATCH]

The domestically focused mid-cap index advanced 0.7%, with recruiter Hayes Plc being among the top gainers. The stock rose 3.8% after the company reported a jump in its quarterly net fees.

Dunlam Group plc gained 1.8% after reporting strong sales growth despite an uncertain outlook for the year ahead.

Ashmore Group slipped 0.5% after its assets under management declined by $3.1 billion during the third quarter of 2021 on the emerging market crisis and institutional outflows.

(Graphic: Minors UK Markets – )

Reporting by Bansari Mayur Kamdar; Editing by Subhranshu Sahu and Shreeraj Kalluvilla

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