FTSE 100 Rises Led By Commodity-related Stocks

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(RTTNews.com) - U.K. shares rose on Tuesday as rising commodity prices helped lift miners and energy firms, offsetting some disappointing earnings updates from the likes of Intertek, Hargreaves and InterContinental Hotel Group.

The benchmark FTSE 100 was up 40 points or 0.52 percent at 7,704 in late opening deals after closing marginally higher in the previous session.

BHP Billiton rallied 2.5 percent on a Bloomberg report that it is advancing plans to boost production of a key cobalt material used in rechargeable batteries.

Rivals Anglo American, Rio Tinto, Antofagasta and Glencore climbed 2-3 percent while energy firms BP Plc and Tullow Oil were up 1.1 percent and 1.7 percent, respectively.

Product testing and certification company Intertek slumped 6 percent after it posted a decline in first-half revenue.

Likewise, financial service company Hargreaves Lansdown tumbled 4.2 percent after its CEO made some cautious comments on the impact of Brexit and the prevailing political and economic turbulence.

InterContinental Hotels Group dropped 1.7 percent on reporting a drop in first-half pretax profit.

In economic releases, U.K. like-for-like sales grew only slightly in July as hot weather weighed on demand for non-food products, data from the British Retail Consortium and KPMG showed.

Like-for-like sales climbed 0.5 percent year-on-year in July. At the same time, total sales advanced 1.6 percent.

U.K. house prices increased at a faster pace in July to hit a record high level, data from the Lloyds bank subsidiary Halifax and IHS Markit revealed.

House prices grew 1.4 percent month-on-month in July, faster than the 0.9 percent rise in June. Economists had forecast a marginal 0.2 percent rise for the month.

Read the original article on RTTNews (http://www.rttnews.com/2923818/ftse-100-rises-led-by-commodity-related-stocks.aspx)

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This article appears in: US Markets , Oil , Stocks
Referenced Symbols: BP ,

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