Mining companies boost FTSE 100 on China recovery optimism

The offices of the London Stock Exchange Group are seen in the City of London, Great Britain

The offices of the London Stock Exchange Group are seen in the City of London, Britain December 29, 2017. REUTERS/Toby Melville/File Photo Acquire license rights

  • Miners boost the FTSE 100
  • LSEG advances with announced plans for new activities in digital markets
  • Wood Group and Harbor Energy climb thanks to new agreement
  • FTSE 100 up 0.6%, FTSE 250 up 0.4%

Sept 4 (Reuters) – Britain’s FTSE 100 index rose on Monday as mining stocks rose after China rolled out new measures to support its faltering economy, while shares in the London Stock Exchange Group (LSEG ) climbed following announced plans for a blockchain-based digital system. asset activity.

The FTSE 100 index, a strong exporter (.FTSE) gained 0.6% at 0814 GMT, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%.

Asian stocks rallied as China stepped up its efforts measures to revive the country’s faltering economy, with major banks paving the way for further reductions in lending interest rates.

Industrial metal miners (.FTNMX551020) rose 1.7%, following the rise in metal prices after the latest Chinese measures.

“That probably helps give the markets a decent boost on a day. The biggest test will be whether or not that translates into a boost over the rest of the week,” said Michael Hewson, Chief Market Analyst at CMC Markets UK.

UK stocks have underperformed their European counterparts this year due to a heavy weighting in commodity-related stocks which have lagged amid China’s lackluster recovery and the Bank of England’s aggressive stance in terms of inflation.

LSEG (LSEG.L) shares rose 0.5% after the Financial Times reported the company had drafted plans for a new digital markets activity based on blockchain.

Shares of British oil services company Wood Group (WG.L) and UK North Sea oil and gas producer Harbor Energy. (HBR.L) rose 1.5% and 1.3%, respectively, after signing a $330 million deal.

“This is a good deal for Harbor Energy as it helps keep their costs low in the long term, if they are able to share the maintenance costs of operations in the North Sea,” added CMC’s Hewson.

CMC Markets (CMCX.L) shares reversed trend to slide 0.7% after the online trading platform announced it had named Albert Soleiman as chief financial officer.

Among other actions, Hammerson (HMSO.L) rose 2.7% after Morgan Stanley upgraded shares of the mall operator.

Reporting by Siddharth S in Bangalore; Editing by Subhranshu Sahu and Dhanya Ann Thoppil

Our standards: The Thomson Reuters Trust Principles.

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