Sterling Ticks Down While Mining Shares Advance, FTSE 100 Index Trades Higher
U.K. shares extended gains on Monday, bolstered by strength in mining stocks and a weakening British Pound. The FTSE 100 index added nearly 0.2% to trade at a six-week high at 7525.00 in afternoon session after having closed higher by 0.5% last Friday.
The blue-chip benchmark index hovered around the highest level since June 19th, 2017 with a sharp increase of 2% last week – the biggest weekly gain since December. Mining shares led gains in the market due to the fact that iron ore prices jumped by roughly more than 6%.
Shares of BHP Billiton PLC climbed by more than 1.7 percent while shares of its rival Rio Tinto PLC also added around 1.73 percent. Shares of iron ore producer Anglo American drove up 2% while Glencore PLC witnessed even more impressive up moves with an increase of nearly 2.5% in equities.
The Baar, Switzerland- based commodities miner and trader is scheduled to publish second-quarter results on Thursday.
Shares of oil majors also traded higher even though crude oil price remained weak. Shares of BP PLC added 0.53% while those of Royal Dutch Shell PLC edged 0.36% higher.
Meanwhile, Sterling reversed lower against most of its peers on Monday, paring its gains versus the U.S. dollar in early trade. The pair GBPUSD lost more than 0.15% to linger around $1.3020.
Buy Stop at 7525.00, Take profit at 7560.00, Stop loss at 7510.00