Miners lead FTSE 100 higher on earnings cheer

UK's FTSE 100 rose on Wednesday as miners gained after a strong production forecast from BHP Group, while encouraging updates from luxury brand Burberry and education group Pearson drove optimism about the earnings season. BHP Group Ltd climbed 2.8% after it forecast record iron ore production for fiscal 2021, helped by high prices for the commodity.

Reuters | London | Updated: 20-01-2021 22:38 IST | Created: 20-01-2021 22:37 IST
Miners lead FTSE 100 higher on earnings cheer
Representative Image. Image Credit: Flickr

UK's FTSE 100 rose on Wednesday as miners gained after a strong production forecast from BHP Group, while encouraging updates from luxury brand Burberry and education group Pearson drove optimism about the earnings season. BHP Group Ltd climbed 2.8% 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 more than 2%.

Global markets rallied in anticipation of more fiscal spending as Joe Biden prepared to take charge as the 46th U.S. president. "There is a view in the markets that more spending is in the pipeline, after all, Mr Biden will want to start his presidency on a positive note," said David Madden, market analyst at CMC Markets UK.

The FTSE 100 index rose 0.4% and the domestically focussed FTSE 250 index added 1.4%. The FTSE 100 has recorded consistent monthly gains since November after the sealing of a Brexit trade deal and hopes of a vaccine-led economic recovery, but has recently lost steam as tighter business restrictions sparked fears of a slow rebound.

Burberry rose 3.9% as it stuck to its full-year goals and said higher full-price sales would boost annual margins and Asian demand remained strong. Global education group Pearson jumped 8.6% after its global online sales grew 18% in 2020, helped by strong enrolments in virtual schools.

WH Smith Plc surged 10.4% to the top of the FTSE 250 index as its 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

Addressing conflict-related sexual violence at long last

... ...

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

FTSE Russell to delete Luokung Technology from indexes, scraps Advanced Micro-Fabrication inclusion

Global index publisher FTSE Russell said on Friday it will delete Luokung Technology Corps N shares from its global indexes, in line with a U.S. executive order from former president Donald Trump.Luokungs shares will be deleted from the FTS...

Angel Broking’s Prabhakar Tiwari Re-Designated as Chief Growth Officer

With performance marketing and tech-driven initiatives, Prabhakar Tiwari has been instrumental in the companys rise as a millennial-centric, digital-first Brokerage House Mumbai, Maharashtra, India Business Wire India Angel Broking, the fou...

Dr. B R Ambedkar's statue unveiled in Haryana Assembly

Chief Minister of Haryana Manohar Lal Khattar unveiled a statue of Dr. Bhimrao Ambedkar, known as the chief architect of the Indian Constitution, in the Haryana Legislative Assembly premises on Friday. The statue of the creator of our Const...

Climate change priority area for both countries; we should work together on this issue: Modi at virtual summit with Swedish PM Stefan Lofven.

Climate change priority area for both countries we should work together on this issue Modi at virtual summit with Swedish PM Stefan Lofven....

Give Feedback