London midday: Miners pace the advance as metals prices rally
London stocks were firmly in the black by midday on Wednesday, underpinned by strength in the heavyweight mining sector.
The FTSE 100 was up 1.2% at 7,005.14, having fallen a day earlier after US Treasury Secretary Janet Yellen said interest rates may have to rise.
IG market analyst Joshua Mahony said: "Questionable comments from Janet Yellen have failed to dent market sentiment today, with the Treasury Secretary stating that the Biden stimulus plans could result in inflation and potential monetary tightening. While Yellen belatedly rowed back on her somewhat hawkish comments, markets thankfully seemed somewhat willing to make peace with the fact that inflation remains a risk going forward.
"Mining stocks are enjoying a welcome boost in early trade today, with surging prices across a host of commodities driving up valuations in the sector. Copper prices have been rising steadily of late, with prices touching $10,000 as inventories dwindle in the face of insufficient supply. However, that is a story told across the board, with the likes of Lumber experiencing almost exponential growth over the past year."
Miners were the standout gainers, with Anglo American, BHP, Glencore and Rio all higher amid rising metals prices.
Croda also gained after the speciality chemicals firm announced a strategic review of its Performance Technologies and Industrial Chemicals (PTIC) businesses.
On the downside, Just Eat Takeaway and Ocado - both of which have benefited from lockdowns and restrictions - were the biggest fallers.
Virgin Money slumped despite saying that first-half profit more than doubled as Covid-19 impairment charges tumbled.
Market Movers
FTSE 100 (UKX) 7,005.14 1.18%
FTSE 250 (MCX) 22,379.26 0.22%
techMARK (TASX) 4,327.43 0.59%
FTSE 100 - Risers
Anglo American (AAL) 3,188.00p 3.61%
Croda International (CRDA) 6,890.00p 3.55%
CRH (CDI) (CRH) 3,544.00p 3.50%
BHP Group (BHP) 2,269.50p 3.32%
Glencore (GLEN) 304.95p 2.95%
Rio Tinto (RIO) 6,285.00p 2.73%
Taylor Wimpey (TW.) 177.80p 2.39%
Evraz (EVR) 655.60p 2.37%
Ferguson (FERG) 9,302.00p 2.33%
Sainsbury (J) (SBRY) 244.10p 2.31%
FTSE 100 - Fallers
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,110.00p -2.20%
Ocado Group (OCDO) 1,973.50p -1.52%
Land Securities Group (LAND) 722.60p -1.18%
SEGRO (SGRO) 1,000.50p -0.79%
Fresnillo (FRES) 847.80p -0.42%
BAE Systems (BA.) 498.60p -0.28%
Rolls-Royce Holdings (RR.) 100.98p -0.24%
Antofagasta (ANTO) 1,851.50p -0.16%
International Consolidated Airlines Group SA (CDI) (IAG) 203.40p -0.12%
DCC (CDI) (DCC) 6,344.00p -0.06%
FTSE 250 - Risers
Babcock International Group (BAB) 292.20p 3.43%
Tullow Oil (TLW) 55.72p 3.26%
Redrow (RDW) 695.40p 2.69%
Elementis (ELM) 145.20p 2.69%
Playtech (PTEC) 482.40p 2.42%
WH Smith (SMWH) 1,860.50p 2.31%
Vistry Group (VTY) 1,237.50p 2.27%
Baillie Gifford US Growth Trust (USA) 317.50p 2.25%
Investec (INVP) 284.10p 2.08%
Bellway (BWY) 3,612.00p 2.01%
FTSE 250 - Fallers
Virgin Money UK (VMUK) 190.15p -5.26%
Aston Martin Lagonda Global Holdings (AML) 1,820.00p -3.58%
PZ Cussons (PZC) 257.50p -3.20%
GCP Student Living (DIGS) 161.60p -2.30%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,110.00p -2.20%
Hammerson (HMSO) 38.60p -2.13%
CLS Holdings (CLI) 242.00p -2.02%
C&C Group (CDI) (CCR) 293.40p -2.00%
Sirius Real Estate Ltd. (SRE) 98.20p -2.00%
Frasers Group (FRAS) 534.50p -1.93%