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.)


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