FTSE 100 finishes near day’s high as commodity prices rise

by Jonathan Adams
commodity prices rise

The FTSE 100 finished 49 points, or 0.7 per cent higher, at 6,940, while FTSE 250 advanced 87 points, 0.4 per cent to finish at 22,355

London’s FTSE 100 finished near day’s high on Wednesday as a rise in commodity prices boosted oil and metal stocks.

The blue-chip FTSE 100 finished 49 points, or 0.7 per cent higher, at 6,940, while domestically focused FTSE 250 advanced 87 points, 0.4 per cent to finish at 22,355.

Commodity trading company Glencore, Oil giant BP, mining companies Antofagasta and BHP were among the top gainers on FTSE 100.

Oil prices soared more than 4 per cent on Wednesday, after a report by the International Energy Agency (IEA) and data from the American Petroleum Institute (API) on falling stockpiles and return of demand.

Meanwhile, US indexes fell from a record high and saw a mixed closing with S&P 500 dropping 0.4 per cent, a day after returning to an all-time high, as Dow Jones Industrial Average advances 0.16 per cent and the Nasdaq composite down nearly 1 per cent.

Asian markets showed little change, opening on Thursday morning with Japan’s Nikkei 225 down from Wednesday’s level but gaining momentum. The Tokyo index was trading in green with a gain of 36 points before noon, while its other index Topix opened positive and advanced 0.35 per cent by noon. South Korea’s Kospi also traded in green with a high of 0.2 per cent.

However, Shanghai Composite and Hang Seng dropped in forenoon trade dragged by tech companies and Alibaba group after the stock’s three-day rally. The Chinese index dropped by 1.18 per cent and Hong Kong by 1.15 per cent by noon.

In Australia, the S&P/ASX 200 dropped slightly and recovered above the opening levels with a rise of 0.19 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded above the flatline in the early hours, however, entered in the red midday.

Indian stock markets also opened flat amid mixed cues from Asian markets, however, soon entered in green. BSE Sensex was trading 90 points or 0.19 per cent up at 48,635, while Nifty 50 soared 47 points or 0.33 per cent to 14,552 after opening.

Both the Bombay Stock Exchange and National Stock Exchange remained closed on Wednesday on account of Babasaheb Ambedkar Jayanti.

This article is for information purposes only.
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