London stocks rise as Barclays, miners lift sentiment

Author of the article: UK shares rose on Wednesday as strong earnings from Barclays and upbeat performances in mining stocks lifted risk appetite even as investors cautiously assessed the Russian troop movements near Ukraine and the Western sanctions against Moscow. The blue-chip FTSE 100 was up 0.2%, as of 0805 GMT, while the domestically focussed…
London stocks rise as Barclays, miners lift sentiment

Author of the article:

UK shares rose on Wednesday as strong earnings from Barclays and upbeat performances in mining stocks lifted risk appetite even as investors cautiously assessed the Russian troop movements near Ukraine and the Western sanctions against Moscow.

The blue-chip FTSE 100 was up 0.2%, as of 0805 GMT, while the domestically focussed mid-cap index rose 0.3% to snap its five-day losing streak.

Miners rose 0.8%, tracking firm nickel and aluminum prices amid the tense developments in eastern Europe and the possibility of further sanctions on Russia, a major producer of the metals.

Western nations slapped on Tuesday new sanctions on Russia for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of Ukraine.

Shares of Barclays rose 2.5% after the lender reported its annual profit nearly trebled as bad loan charges plunged and its investment bank continued its strong recent performance amid market volatility in the pandemic.

Rio Tinto edged higher as the global miner’s full-year profit soared on higher iron ore prices and strong demand from China, but the company warned of U.S. sanctions on Russia potentially disrupting aluminum supply.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Sherry Jacob-Phillips)

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