Bulletin
Investor Alert

London Markets Archives | Email alerts

June 6, 2018, 6:20 a.m. EDT

FTSE 100 gains ground as commodity shares advance

WH Smith posts growth in sales

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FTSE 100 Index (UKX)
  • X
    British Pound (GBPUSD)

or Cancel Already have a watchlist? Log In

By Carla Mozee, MarketWatch


AFP/Getty Images
Mining stocks are rising Wednesday. Here, workers pack copper plates in Chile.

U.K. stocks rose Wednesday, as gains for mining and oil and gas shares helped London’s blue-chip benchmark eat into a loss it suffered in the prior session.

How markets are performing

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -1.20% rose 0.3% to 7,710.66, with the basic materials group leading advancers while telecom, consumer goods and utility shares lost ground. The benchmark on Tuesday lost 0.7%.

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.3456% rose to $1.3412, up from $1.3395 late Tuesday in New York.

What’s driving markets

Advances in prices for oil and metals guided gains for mining and energy companies, which combined make up a roughly 26% weighting on the FTSE 100, according to FactSet data. Oil prices   extended gains made Tuesday, spurred by reports that Venezuela may not deliver some of its contracted crude oil exports.

Meanwhile, dollar-denominated prices for most metals including copper  and palladium  moved higher as the dollar /zigman2/quotes/210598269/delayed DXY -0.10%  pulled lower. The rise in metals prices paved the way for higher prices for mining stocks. The dollar fell against the euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.3094%  after European Central Bank officials on Wednesday indicated that policy makers at the bank’s June 14 meeting will start discussing when it’s appropriate to end its massive bond-buying program.

The FTSE 100 managed to hold gains even as the pound continued to step higher in the wake of Tuesday’s better-than-expected data on the British services sector. Pound strength can hurt the FTSE 100 as revenue made overseas by multinational companies is reduced when those sales are translated back into sterling.

Stock movers

Smurfit Kappa Group PLC /zigman2/quotes/208768615/delayed IE:SK3 -2.40%  topped the FTSE 100 by rising 3.1%, heading for its biggest gain since early March. The advance came after International Paper Co. /zigman2/quotes/200533549/composite IP -1.83%  late Tuesday cited lack of engagement by Smurfit Kappa’s board and management for its decision to drop its proposed 8.9 billion-euro ($10.4 billion) offer for the Irish paper and packaging company.

BHP Billiton PLC shares   /zigman2/quotes/208108397/composite BHP -4.50%  rose 1.5%, with the mining heavyweight landing the first bids for its U.S. shale assets. Those bids value the portfolio at $7 billion to $9 billion, Bloomberg reported late Tuesday .

Checking other mining stocks, shares of Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL -2.70%  gained 2.2% and Glencore PLC /zigman2/quotes/201400686/delayed UK:GLEN -0.59%   /zigman2/quotes/209462106/delayed GLCNF -2.04%  rose 1.1%.

WH Smith PLC /zigman2/quotes/201823422/delayed UK:SMWH +0.24% climbed 5.7% as the newspapers- and bookseller said its sales rose 4% in the 13 weeks to June 2, aided by growth at stores at transportation hubs such as train stations and airports.

Shares of oil major Royal Dutch Shell PLC /zigman2/quotes/204253697/delayed UK:RDSB -1.67%   /zigman2/quotes/207682964/composite RDS.B -1.90%  were up 0.4% and those of rival BP PLC   /zigman2/quotes/207305210/composite BP -2.07%  picked up 0.3%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,494.13
-90.88 -1.20%
Volume: 734,087
Jan. 21, 2022 4:56p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3553
-0.0047 -0.3456%
Volume: 0.0000
Jan. 21, 2022 4:59p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
95.64
-0.10 -0.10%
Volume: 0.00
Jan. 21, 2022 4:59p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1346
+0.0035 +0.3094%
Volume: 0.0000
Jan. 21, 2022 4:59p
loading...
/zigman2/quotes/208768615/delayed
IE : Ireland: Dublin
46.28
-1.14 -2.40%
Volume: 427,708
Jan. 21, 2022 4:30p
P/E Ratio
20.20
Dividend Yield
2.52%
Market Cap
€11.85 billion
Rev. per Employee
€195,783
loading...
/zigman2/quotes/200533549/composite
US : U.S.: NYSE
$ 47.29
-0.88 -1.83%
Volume: 4.18M
Jan. 21, 2022 4:03p
P/E Ratio
10.37
Dividend Yield
3.91%
Market Cap
$18.31 billion
Rev. per Employee
$444,868
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 64.97
-3.06 -4.50%
Volume: 9.53M
Jan. 21, 2022 4:00p
P/E Ratio
14.89
Dividend Yield
9.27%
Market Cap
$166.41 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
3,429.50 p
-95.00 -2.70%
Volume: 3.79M
Jan. 21, 2022 4:35p
P/E Ratio
8.65
Dividend Yield
5.12%
Market Cap
£45.96 billion
Rev. per Employee
£313,449
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
410.05 p
-2.45 -0.59%
Volume: 44.65M
Jan. 21, 2022 4:35p
P/E Ratio
37.52
Dividend Yield
2.16%
Market Cap
£53.68 billion
Rev. per Employee
£843,117
loading...
/zigman2/quotes/209462106/delayed
US : U.S.: OTC
$ 5.53
-0.12 -2.04%
Volume: 255,700
Jan. 21, 2022 3:47p
P/E Ratio
37.24
Dividend Yield
2.89%
Market Cap
$72.75 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/201823422/delayed
UK : U.K.: London
1,701.50 p
+4.00 +0.24%
Volume: 366,692
Jan. 21, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£2.22 billion
Rev. per Employee
£71,011
loading...
/zigman2/quotes/204253697/delayed
UK : U.K.: London
£ 1,808.40
-30.80 -1.67%
Volume: 10.83M
Jan. 21, 2022 4:35p
P/E Ratio
44.70
Dividend Yield
0.04%
Market Cap
£138.12 billion
Rev. per Employee
£1.88M
loading...
/zigman2/quotes/207682964/composite
US : U.S.: NYSE
$ 48.61
-0.94 -1.90%
Volume: 2.92M
Jan. 21, 2022 4:00p
P/E Ratio
41.41
Dividend Yield
3.37%
Market Cap
$187.21 billion
Rev. per Employee
$2.58M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 30.71
-0.65 -2.07%
Volume: 17.47M
Jan. 21, 2022 4:00p
P/E Ratio
15.88
Dividend Yield
4.12%
Market Cap
$101.61 billion
Rev. per Employee
$2.39M
loading...

Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee.

Get news alerts on British Pound — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.