UK stocks edge higher as miners, Burberry shine

UK stocks inched higher on Wednesday as miners gained after a strong production forecast from BHP Group, while luxury brand Burberry jumped on its optimistic outlook for sales growth in Asia. BHP Group Ltd gained 1.5% after it forecast record iron ore production for fiscal 2021, helped by high prices for the commodity.

Reuters | Updated: 20-01-2021 13:58 IST | Created: 20-01-2021 13:49 IST
UK stocks edge higher as miners, Burberry shine
Representative image Image Credit: Pexels/ Pradipna Lodh

UK stocks inched higher on Wednesday as miners gained after a strong production forecast from BHP Group, while luxury brand Burberry jumped on its optimistic outlook for sales growth in Asia. BHP Group Ltd gained 1.5% after it forecast record iron ore production for fiscal 2021, helped by high prices for the commodity. Other miners Rio Tinto, Anglo American and Glencore rose between 1% and 1.5%.

Burberry jumped 3.5% as underlying sales fell 9% in the three months ended December, but the company said it remained confident in the future, buoyed by sales growth of 11% in Asia-Pacific stores. The blue-chip FTSE 100 index was up 0.1% by 0807 GMT after Asian shares hit a record high following U.S. Treasury Secretary nominee Janet Yellen's call for more fiscal support.

Prime Minister Boris Johnson said he looked forward to working closely with Joe Biden after his inauguration on Wednesday as U.S. president, highlighting the shared interests of the two close allies. The domestically focussed FTSE 250 index added 0.4%, with WH Smith Plc adding 2.9% as trading during Christmas was ahead of its expectations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

Moderna is developing booster shot for new coronavirus variants, increases vaccine production target

Moderna Inc said on Wednesday it is working with U.S. government scientists to study an experimental booster shot that targets a concerning new variant of the coronavirus and has raised its global COVID-19 vaccine production goal for this y...

UN: Yemen faces world's worst famine and needs $3.85 billion

Conflict-torn Yemen is falling off a cliff and will face the worst famine the world has seen for decades unless donors, and especially its Gulf neighbours, contribute generously to this years UN humanitarian appeal for 3.85 billion, the UN ...

Frontline workers, BAME groups will not be prioritised for UK vaccines -Guardian

Frontline workers and Black, Asian and minority ethnic groups BAME in the United Kingdom will not be prioritised for COVID-19 vaccination in the next stage of the vaccine rollout, the Guardian reported on Wednesday.The Joint Committee on Va...

Northern Ireland's first minister ups ante in UK-EU trade dispute

Northern Irelands first minister upped the ante on Wednesday in a dispute between the UK and the European Union over trade with the province, calling on Prime Minister Boris Johnson to step up and protect the United Kingdom.Earlier the UK a...

Give Feedback