Commodities help Footsie gain ground

Market report Emma Newlands

London’s blue-chip index outperformed its European counterparts, thanks to a rebound in oil and metals prices that propped up major commodity stocks.

The FTSE 100 ended the day up 0.77 per cent or 57.09 points at 7,434.82, led by mining stocks including Antofagasta up 66p at 951p and Glencore up 118p to 330.65p, on the back of higher copper and iron ore prices.

Meanwhile, Brent crude prices rose 2.7 per cent to $49.97 per barrel, pushing up shares in UK oil giants including BP, which rose 6.7p to 446.45p. Investors were celebrating news that Saudi Arabia, one of the world’s biggest oil-producers, was renewing commitments to slash output to tackle the global crude glut.

The French Cac and German Dax rose 0.65 per cent and 0.45 per cent respectively.

Currency market moves were relatively subdued, with sterling trading just 0.1 per cent higher against the US dollar at $1.303. Versus the euro, the pound was flat at €1.118.

In UK stocks, Virgin Money plunged 26.9p to 279.6p after sounding a note of caution on the UK housing market, saying it may have to navigate “areas of weakness” in the near term.

Jimmy Choo soared 33.25p to 228.25p following news that it is to be acquired by US fashion brand Michael Kors in an £896 million deal.

Fuller Smith & Turner shares jumped 60p to 1,093p, boosted by the summer weather.

The biggest risers on the FTSE 100 included Angloamericanup67pat1,171.5pandriotinto up 151p to 3,475p. The biggest fallers included Provident Financial down 134p to 2,163p and WPP down 32p at 1,561p. The group was on the up after stating that profits for 2017/18 are likely to exceed market expectations with strong trading in the year so far. The pizza company fell after revealing a marked decline in like-for-like halfyear sales, amid a “slowdown in the overall delivery market”.