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Miners and energy stocks help FTSE 100 end volatile week higher

Miners and energy stocks help FTSE 100 end volatile week higher By Reuters

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Stock Markets 2 hours ago (Sep 09, 2022 18:06)

© Reuters. FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls/File Photo

By Bansari Mayur Kamdar

(Reuters) -UK’s blue-chip index ended higher on Friday, as a surge in energy and mining stocks capped a volatile week for Britain that saw a new prime minister in place and the death of its longest-reigning monarch.

The FTSE 100 index rose 1.2%, climbing for five of the past six sessions.

UK’s industrial metals and mining index advanced 3.6% as copper and iron ore prices surged on the back of a weaker dollar and stimulus for China’s slowing economy. The mining sector has been the best performer this week.[MET/L]

Oil majors BP (LON:BP) and Shell (LON:RDSa) gained 1.7% and 1.3% as crude prices rallied 3% on fears of supply tightness. [O/R]

Rate-sensitive banks rose 0.9%, extending gains on the prospect of higher interest rates in Europe and the United States.

Queen Elizabeth, Britain’s monarch, the nation’s figurehead and a towering presence on the world stage for seven decades, died peacefully at her home in Scotland on Thursday.

In response to the Queen’s death, the Bank of England postponed next week’s interest rate decision.

“The only implications could be that they may be closing the London Stock market for a few days,” said Patrick Armstrong, chief investment officer at Plurimi Wealth.

“If there are days where the market is closed, that may lead to some weakness where people don’t want to hold positions into an extended period, especially given the volatility with the Federal Reserve coming up with their next hike in a couple of weeks.”

The domestically focussed mid-cap index gained 1.6% and ended the week 1.8% higher.

Markets also took heart this week from Prime Minister Liz Truss’s plans to cap soaring consumer energy bills for two years to cushion the economic shock of war in Ukraine.

Miners and energy stocks help FTSE 100 end volatile week higher

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