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The Independent
Positive mining stocks help FTSE 100 finish higher
By Henry Saker-Clark,
2 hours ago
London stock were slightly higher at the end of trading on Wednesday (John Walton/PA) PA Archive
The FTSE 100 finished a touch higher despite a shaky afternoon as it was boosted by rises from mining firms.
It came despite multinationals being impacted by the strong pound, which struck another year-high versus the dollar.
In equities, commodity firms were bolstered by higher metal prices, helping the FTSE to offset weaker sessions from water companies after ratings agency Moody’s forecast up to £2 billion in fines for water suppliers over the next five years.
London’s top index finished 10.11 points, or 0.12%, higher to end the day at 8,283.43.
Meanwhile, sterling’s recent rally continued despite higher-than-predicted UK government borrowing figures for July.
The pound was up 0.33% at 1.307 US dollars, and was up 0.25% at 1.173 euro.
Elsewhere in Europe , the other major indexes were positive, with German stocks rebounding from a weak previous session.
The Cac 40 in France ended 0.52% higher and the Dax index was up 0.51% at the close.
Stateside, the US market opened marginally higher ahead of the release of minutes from the Federal Reserve’s latest policy meeting
Danni Hewson, AJ Bell head of financial analysis, said: “With Fed chair Jerome Powell poised to speak in Jackson Hole on Friday markets seem pretty calm, an indication that they’re not expecting any surprises.
“Even faced with a strong US consumer, which suggests this month’s early market wobble was overblown, a cut feels inevitable, and markets have moved on from speculating about the when to speculating about the what.”
National Express owner Mobico saw shares rise on Wednesday (John Stillwell/PA) (PA Archive)
In company news, National Express owner Mobico saw shares drive sharply higher on Wednesday after it said an increase in passengers and a jump in bus fares helped support higher sales in the UK.
Mobico also revealed it is edging back to profit after a difficult 2023 marred by accounting issues with its German rail arm, and rising costs of managing its transport networks.
Construction group Costain also made gains after it saw half-year profits leap higher and cheered a boost from water contracts.
The London-based firm reported a 22% rise in underlying pre-tax profits to £19.4 million for the six months to June 30 as it also unveiled a £10 million share buy-back.
Shares in Costain were up 6.8% at 101p at the close of play.
JD Sports was also in the green amid optimism from traders ahead of its interim trading update on Thursday.
Brokers at UBS pointed towards a “reassuring tone on its performance in North America” ahead of the update, helping to support its share price.
The stock finished up 4% at 128.15p as a result.
The price of oil hovered around a two-week low after a potential easing in tensions in the Middle East, amid reports Israel accepted a proposal to tackle disagreements which hampered a ceasefire deal in Gaza.
A barrel of Brent crude oil was down by 0.1% to 76.1 US dollars (£58.21) as markets were closing in London .
The biggest risers on the FTSE 100 were JD Sports, up 4.95p to 128.15p, Airtel Africa, up 3.2p to 113.6p, Croda, up 81p to 3,943p, Diageo, up 49p to 2,490.5p, and Rightmove, up 10p to 549.8p.
The biggest fallers were The biggest fallers on the FTSE 100 were Severn Trent, down 62p to 2,470p, Antofagasta, down 31.5p to 1,849p, 3i Group, down 45p to 3,172p, United Utilities, down 11p to 973.2p, and Centrica, down 1.4p to 126.4p.
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