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Britain's FTSE hits one-month high as commodity stocks rally
May 26, 2016 / 9:11 AM / a year ago

Britain's FTSE hits one-month high as commodity stocks rally

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSE 100 up 0.1 pct

* Miners, oil companies track commodity prices higher

* Ex-divs weigh on index

* Daily Mail slumps on outlook

By Kit Rees

LONDON, May 26 (Reuters) - Shares in UK mining and oil & gas companies rallied on Thursday, tracking gains in commodities prices, although companies going “ex-div” weighed on the wider market.

The UK FTSE 100 index had risen by 0.1 percent to 6,266.00 points by 0845 GMT, outperforming its European peers.

Mining companies were the top sectoral gainers, with the FTSE 350 Mining index rising by more than 3 percent, set for its biggest daily gain in a month.

Anglo American, BHP Billiton, Glencore , Antofagasta and Rio Tinto all rose between 2.3 percent and 4 percent, tracking gains in metals prices, with copper supported by a weaker dollar.

Oil companies also rose after the price of Brent oil pushed above $50 a barrel for the first time in nearly 7 months.

“We’re seeing that knock-on effect in terms of the FTSE because it’s heavily-weighted towards commodity players,” Joshua Mahony, market analyst at IG, said.

Carnival, DCC and Whitbread were among the fallers after going ex-dividend, as the stocks traded without entitlement to their latest dividend pay-out.

Outside of the blue chips, newspaper publisher Daily Mail and General Trust fell by 7.9 percent after it downgraded its full-year outlook.

The company said that a downturn in the print advertising market was hurting margins in its media business, resulting in an 11 percent drop in first-half profit.

ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.

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Mike Dolan, Markets Editor EMEA. (Editing by Alexander Smith)

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