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NEWS

London stocks gain on miners, earnings boost

(Reuters) – UK shares edged up in early trade on Tuesday boosted by the gains in mining stocks and some upbeat earnings updates, while investors exercised caution ahead of key inflation figures from Europe and the U.S. later in the week.

The resource-heavy FTSE 100 index inched up 0.1%, as of 0818 GMT, led by precious and base metal miners, rising 0.9% and 1.3%, respectively.

The sectors tracked gold and copper prices moving higher on a weakening dollar. [MET/L] [GOL/]

While the domestic economic data calendar is light this week, consumer prices data out of the U.S. and the Europe will be widely watched, which could influence the monetary policy path globally.

Market participants are now awaiting comments from the Bank of England Deputy Governor Dave Ramsden at a speech later in the day.

Smith+Nephew advanced 3.9% to the top of the blue-chip index, as the medical equipment maker forecast an improvement in profit margin this year after beating market estimates for 2023 earnings.

However, limiting gains on the index, Croda International slid 1.3%, after the chemicals supplier forecast lower 2024 profits, hit by persistently weak volumes at its Crop Protection and Industrial Specialities units

The mid-cap FTSE 250 added 0.1%, led by 6.8% jump in Abrdn, after the asset manager’s earnings update.

 

(Reporting by Shristi Achar A in Bengaluru; Editing by Rashmi Aich)

 

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