FTSE 100 Rises To Record High As Mining Stocks Rally

(RTTNews) - The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector.

The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.

EU trade chief Maros Sefcovic said there was good progress on a framework trade agreement and a deal may even be possible within days.

The benchmark FTSE 100 was up 104.09 points or 1.17% at 8,971.11 about a quarter past noon.

Anglo American Plc shares are up more than 5%. Rio Tinto and Glencore are up 4.7% and 4.5%, respectively, while Antofagasta is gaining 3.4%.

Standard Chartered, Fresnillo, Endeavour Mining, Ashtead Group, Spirax Group, AstraZeneca, Weir Group, Pershing Square Holdings and Smiths Group are up 2 to 3.1%.

WPP is up nearly 3% after appointing Microsoft's Cindy Rose as its new CEO. DCC, a sales, marketing, and support services provider, rose nearly 2% in early trades after delivering Q1 operating profit growth in line with expectations. The stock gave up gains subsequently and was up just marginally at noon.

Mondi, Informa, Diageo, British American Tobacco, Smith & Nephew, Relx, JD Sports Fashion, St. James's Place, Schroders, Shell, Unilever, GSK and Lloyds Banking Group are among the other prominent gainers.

Land Securities is down nearly 2%. SSE is down 1.7%, while Howden Joinery, Babcock International and Centrica are down 1 to 1.5%.

National Grid, Segro, Rolls-Royce Holdings, Severn Trent and Hiscox are down with less pronounced losses.

In economic news, a report from Royal Institution of Chartered Surveyors said its survey showed the house price balance in UK remained at -7% in June, unchanged from May, and slightly better than market expectations of -8%.