(Reuters) – London’s main stock index extended gains on Tuesday as signs of more government spending in China to boost the economy drove shares in FTSE miners including Rio Tinto, and BHP 2-3% higher.
Shares in Antofagasta, Glencore were also up and oil majors BP and Shell gained on the back of a rise in crude spurred by expectations that OPEC and its allies will keep withholding supply.
Countering that was the latest sign of trouble on Britain’s high street, with fashion retailer Ted Baker shares down nearly one-third to a 6-1/2 year low after warning profits would come in well below analysts’ expectations.
The FTSE 100 index, buoyed in the past week by hopes of more monetary and fiscal stimulus globally, was 0.4% higher by 0715 GMT, gaining for the seventh straight session, while the midcap index was up 0.2%.
The mining index jumped 2%, its best one-day rise in a month, as copper prices extended gains on expectations China’s appetite for the commodity could grow.
Fast-fashion retailer Quiz also fell 9% after it reported a 94% slump in underlying pretax profit.
(Reporting by Muvija M in Bengaluru; editing by Patrick Graham)