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Miners, banks thrust FTSE 100 to sixth day of gains

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Miners, banks thrust FTSE 100 to sixth day of gains
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo   -   Copyright  TOBY MELVILLE(Reuters)
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(Reuters) – London’s FTSE 100 extended its rally from last week with miners doing most of the heavy-lifting buoyed by higher copper prices as investors awaited U.S. central bank’s policy meeting, while Footasylum surged after JD Sports’ buyout deal.

The FTSE 100 was up 0.5 percent by 0828 GMT, its sixth straight session in the positive territory after hopes that a potentially disruptive no-deal Brexit would be averted supported it last week.

The more-domestically focussed midcap index, which was carried to a five-month high in the last session, added 0.3 percent.

Miners were on course for their best day in a month as copper prices rose again on concerns over supply tightness. Rio Tinto and BHP gained nearly 2 percent each and led the blue-chip gainers.

Deutsche Bank and Commerzbank confirming that they were in talks about a merger boosted financial stocks, which are on a six-day winning streak as a no-deal Brexit seems to be off the table.

British Prime Minister Theresa May’s government was scrambling on Sunday to get parliament to back her Brexit deal which has already been rejected twice by lawmakers.

After parliament backed a move to delay Brexit, May has just a few days to push her divorce deal through if she wants to go to a summit with the bloc’s leaders on Thursday with something to offer them in return for more time.

News-related moves were scarce saving AIM-listed Footasylum which shot up 74.2 percent to 81 pence, inching near the 82.5 pence a share offered by larger rival JD Sports for the sportswear retailer.

Oilfield services provider Hunting jumped 7 percent on the FTSE 250 index after UBS hiked its rating on stock.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Keith Weir)

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