FTSE 100 Modestly Higher As Miners, Pharma Stocks Move Up
(RTTNews) - The U.K. stock market's benchmark index FTSE 100 climbed higher on Tuesday, led by gains in mining and pharmaceuticals sectors even as the mood remained somewhat cautious amid a lack of progress in U.S.-Iran negotiations to reopen the Strait of Hormuz.
Miners gained as prices of precious metals rebounded from recent losses. Energy stocks shed ground as oil prices gave up early gains and slipped slightly below the flat line.
Brent crude front-month futures rose to $107.87 a barrel before easing to $105.10 a barrel.
The FTSE 100 was up 37.56 points or 0.35% at 10,722.44 about a quarter before noon, after having advanced to 10,755.43 earlier.
Pharmaceuticals stocks GSK and AstraZeneca moved up 2.5% and 1.9%. Miners Anglo American Plc, Antofagasta and Glencore gained 2.3%, 2.2% and 2.1%, respectively. Fresnillo moved up 1.3% and Rio Tinto climbed 1.2%.
Convatec Group advanced 3.4%. Weir climbed about 3%, while Metlen Energy & Metals, Halma, Intercontinental Hotels Group and Spirax Group gained 2%-2.5%.
Airtel Africa, Polar Capital Technology Trust, IMI, Smiths Group, Babcock International, AutoTrader Group, Lloyds Banking Group, British Land, Rolls-Royce Holdings and Whitbread also posted notable gains.
Energy stocks Ithaca and BP shed 3.4% and 2.1%, respectively. Shell drifted lower by about 1%.
British American Tobacco, Admiral Group, Barratt Redrow, Unilever, Sainsbury (J), Diageo and Kingfisher lost 1%-1.7%.
In economic news, a report from the British Retail Consortium said UK shop prices grew at a slightly slower pace in September due to promotions and strong discounting.
Shop price inflation edged down to 1.4% in September from 1.5% in August. Nonetheless, the rate remained above the three-month average of 1.3%.
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