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FTSE 100 Edges Higher As Commodity Stocks Rally On China Optimism
(RTTNews) - U.K. stocks were moving higher on Friday as resource stocks gained ground amid optimism surrounding China's reopening and expectations of more stimulus to support domestic demand.
Miners Anglo American, Antofagasta and Glencore rose 1-2 percent on hopes for normalization in Chinese economic activity after authorities said that the first wave of infections has hit a peak in cities including Beijing and Tianjin.
Oil & gas firm Shell gained 1 percent after saying that it expects around $2 billion additional tax hit on its fourth quarter of 2022.
The benchmark FTSE 100 was up 12 points, or 0.2 percent, at 7,644 after rising 0.6 percent on Thursday.
Frasers Group shares fell 1.3 percent. The retail, sport and intellectual property group issued an update regarding its investment in German luxury fashion brand Hugo Boss AG.
Clarkson, a shipping services provider, jumped 7 percent as it reported strong trading throughout the final quarter, particularly from the broking division.
The company said it now expects fiscal 2022 results to be ahead of current market expectations.
Essentra, a provider of essential components and solutions, plunged 8 percent after its fourth-quarter continuing business revenue declined around 3 percent from last year, on a like-for-like or LFL trading day adjusted basis.
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