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MarketScreener Homepage  >  Indexes  >  FTSE 100 Index    F100   GB0001383545


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Miners lead FTSE 100 higher on earnings cheer

01/20/2021 | 12:06pm EST
A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London

(Reuters) - 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.

(Reporting by Shivani Kumaresan in Bengaluru; editing by Uttaresh.V, William Maclean)

By Shivani Kumaresan

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 1.46% 2841.5 Delayed Quote.15.78%
CMC MARKETS PLC 0.60% 416.5 Delayed Quote.10.23%
EURO / BRITISH POUND (EUR/GBP) 0.00% 0.86059 Delayed Quote.-3.21%
GLENCORE PLC -0.35% 302.5 Delayed Quote.30.71%
GLOBAL EDUCATION LIMITED 0.72% 49 Delayed Quote.-27.60%
PEARSON PLC -0.48% 752.6 Delayed Quote.8.44%
S&P UNITED KINGDOM (PDS) 0.48% 1323.47 Delayed Quote.2.47%
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