Sector movers: Miners enjoy another day of respite on London market

Uptick in mining, metals and financial stocks pulled the London market higher on Wednesday, extending gains achieved earlier in the week.

The FTSE 100 rose 1.35% or 82.91 points to 6,229.01, while the FTSE 250 was up 0.90% or 153.00 points at 17,153.28, with mining stocks benefitting yet again from base metal futures uptick on the London Metal Exchange.

Past the midway point of trading on the LME, three-month delivery contracts of primary aluminium (up 2.1%), copper (up 1.9%), lead (up 1.7%), nickel (up 2.1%) and zinc (up 0.5%) were all in positive territory. However, tin futures went against the trend shedding 1.1% or $160 to $15052.50 per metric tonne.

Anglo American (up 5.54%), Glencore (up 4.80%) and BHP Billiton (up 3.68%) were among the top risers on the FTSE 100. Concurrently, Lonmin (up 5.71%) and Evraz (up 5.12%) were up top for the midcaps. However, Randgold Resources (down 0.91%) took a tumble as the precious metals market went into negative territory on India’s bid to curb gold imports.

However, Hargreaves Lansdown provided the positive talking point of the day, rising 7% or 78p to 1193p, ending as the top blue chip stock of the day. The pensions and investment group was a high riser as it boosted its dividend despite a 5% drop in full-year operating profits.

Broker Numis also upgraded the stock to ‘add’ and lifted its price target to 1,280p following the company’s results, which it said were in line with forecasts in terms of profit, but ahead in terms of the 18% growth in assets under management.

Standard Chartered, Jupiter Fund Management and Prudential also registered decent gains as Asian markets rose.

Ahead of its results on Thursday, Morrisons (up 3.47%) was lifted by anticipation of an encouraging strategic update from new chief executive David Potts, who took the reins in March this year.

On the results, UBS said "the focus of the day is likely to be strategy over numbers".