{"id":107953,"date":"2021-02-25T10:21:28","date_gmt":"2021-02-25T10:21:28","guid":{"rendered":"https:\/\/fin2me.com\/?p=107953"},"modified":"2021-02-25T10:21:28","modified_gmt":"2021-02-25T10:21:28","slug":"ftse-100-climbs-as-recovery-bets-boost-mining-energy-stocks","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/ftse-100-climbs-as-recovery-bets-boost-mining-energy-stocks\/","title":{"rendered":"FTSE 100 climbs as recovery bets boost mining, energy stocks"},"content":{"rendered":"

(Reuters) – London\u2019s FTSE 100 rose on Thursday, helped by mining and energy stocks that tracked higher commodity prices, while Standard Chartered dropped after its annual profit more than halved due to the impact of the COVID-19 pandemic.<\/p>

FILE PHOTO: Canary Wharf stands in London, Britain December 27, 2020. REUTERS\/Simon Dawson\/File Photo<\/figcaption>

The commodity-heavy FTSE 100 index was up 0.4%, with mining stocks, including Rio Tinto, Anglo American, and BHP, gaining between 1.5% and 2%. [MET\/L]<\/p>\n

Oil heavyweights BP and Royal Dutch Shell also provided the biggest boosts, with gains of 2.0% and 1.8%, respectively. [O\/R]<\/p>\n

The domestically focused mid-cap FTSE 250 index edged up 0.1%.<\/p>\n

\u201cThe moves are what you would expect if our assessment of the outlook for economic growth has led to an increase in inflation expectations,\u201d said Simona Gambarini, a markets economist at Capital Economics.<\/p>\n

\u201cIn this type of scenario, you would see rotation towards sectors like materials and energy, which benefit the most from further recovery in the economy.\u201d<\/p>\n

Massive fiscal and monetary stimulus has helped the FTSE 100 recover 35% from its March 2020 lows and investors are looking forward to the budget plan next Wednesday with expectations of more stimulus measures and emergency support for businesses.<\/p>\n

Raising interest rates too abruptly could jeopardise economic recovery, European Central Bank board member Isabel Schnabel said in an interview, adding that there would be no unwarranted tightening of financing conditions.<\/p>\n

In company news, Standard Chartered PLC fell 4.8% despite restoring its dividend and reaffirming its long-term profit goals, while Hikma Pharmaceuticals shed 8.3% even after issuing an upbeat outlook.<\/p>\n

Anglo American gained 4.2% as it boosted dividends after strong commodity prices helped the diversified miner recover from coronavirus disruptions suffered in the first half.<\/p>\n

Outsourcer Serco Group Plc rose 5% after it reinstated dividends and raised its 2021 forecasts.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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