Miners climb in London as omicron optimism starts to build

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London shares saw a second day of gains on Wednesday, with investors finding optimism in comments from Federal Reserve Chairman Jerome Powell, who vowed to keep inflation under control without hurting the US recovery.

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ftse 100 index ukx,
+0.68%
After a 0.6% increase on Tuesday, it rose 0.8% to 7,555. Pound GBPUSD,
+0.29%
was stable at $1.3644.

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Powell’s remarks late on Tuesday fueled confidence in global equities starting on Wall Street, which fed on Wednesday for global stocks. Profits remain on hold even after US inflation figures are higher than expected. Amid hopes from scientists that the rapidly spreading Omicron wave of COVID-19 may peak in the UK and may be set to do the same in the US.

Prime Minister Boris Johnson apologizes as political storms at 2020 lockdown party

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Antofagasta ANTO, at the top of the gainer’s list,
+6.45%
6% rose, bhp bhp,
+2.12%

bhp,
+4.66%
5% gain, Anglo American AAL,
+4.25%,
Glencore Glen,
+3.39%
and Rio Tinto Rio,
+2.35%

rio,
+3.06%
were up more than 3%.

“The FTSE 100 traded 0.6% higher, with miners dominating the index’s top performers. The top six risers were all metal producers, and the region is a bellwether for global economic activity,” said Russ Mold, investment director at AJ Bell to clients. Said in a note.

shares of iron-ore conglomerate Ferrexpo FXPO,
+3.70%
Iron ore pellet production grew more than 4% in the fourth quarter of 2021 after registering an 18% increase, and made an upbeat statement on production for the year ahead.

At the same time, in the commodity sector, the names of energy went up again with oil, along with BP BP,
+3.32%

bp,
+2.57%
and Royal Dutch Shell RDS.A,
+3.15%

RDSA,
+2.32%
Both increased by more than 3%.

Shares of Sainsbury’s SBRY,
+2.94%
The UK grosser grew 3% after hitting full-year market expectations due to lower costs and higher grocery volume and market-share growth. Same-store sales, including fuel, for the third quarter of fiscal 2022.

Elsewhere, shares of Dunlam DNLM, a home goods seller,
+5.30%
It rose more than 5% after posting a record quarter. and DFS Furniture stock in DFS,
+6.82%
The furnishings grew 9% after the furnishing maker reported a 10% growth in first half of fiscal 2022 sales and supported full-year guidance.

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