(RTTNews) – UK stocks rose sharply on Thursday as falling commodity prices and Samsung Electronics’ better-than-expected second-quarter profit forecast helped ease investor concerns over rising oil prices. inflation.
Investors were also reacting to unconfirmed reports that Prime Minister Boris Johnson would step down today, following an unprecedented wave of government resignations over the past two days.
The benchmark FTSE 100 index jumped 82 points, or 1.2%, to 7,190 after rising 1.2% on Wednesday.
Miners were higher, following gains in Chinese iron ore futures. Anglo American jumped 7.4%, Antofagasta 6.4% and Glencore 7.3%. Banks gained, with HSBC Holdings, Lloyds Banking Group and NatWest Group up 2-3%.
Shell gained 2.2% after the energy giant said higher fuel production margins could have added more than $1 billion (980 million euros) to profits at its refining business in the last trimester.
Homebuilder Persimmon plunged 5% after warning of a drop in the volume of new homes delivered in the first half.
Electronics retailer Currys climbed 7% after reporting annual pre-tax profit that beat expectations.
In economic releases, UK house prices rose at the fastest annual rate since late 2004 in June, according to survey data from Lloyds Bank Halifax branch.
The house price index rose 13.0% year-on-year in June, faster than the 10.7% rise in May. The latest annual price increase was the fastest since late 2004.
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