(RTTNews.com) – U.K. shares rose notably on Tuesday as metal prices rallied and oil headed towards $50 a barrel for the first time since November on worries about global supply outages.
Encouraging earnings updates from the likes of Vodafone and Taylor Wimpey also boosted investor sentiment.
The benchmark FTSE 100 was up 55 points or 0.91 percent at 6,207 in midday trading after gaining 0.2 percent the previous day.makeAd(‘4′,’300×250′,’mktsnews’,’article’,”,”);
Shares of Premier Foods roe half a percent. The food giant raised its sales growth guidance for the current year after posting a rise in pre-tax profits for the year to April 2.
Housebuilder Taylor Wimpey climbed 5 percent after upgrading its profit guidance and promising investors larger payouts till 2018.
Miners BHP Billiton and Anglo American rose 1-2 percent while oil giant BP Plc and Royal Dutch Shell both rose about half a percent.
On the economic front, a slew of reports showed a trend of slowing inflation and rising housing prices.
While U.K. consumer inflation unexpectedly eased to 0.3 percent in April from 0.5 percent in March, marking the first fall since September on an annual basis, factory gate prices fell an annual 0.7 percent versus a 0.9 percent drop in March.
The house price index climbed 9.0 percent year-over-year in March, faster than the 7.6 percent spike in the previous month.
Meanwhile, Eurostat reported that the euro area trade surplus rose to a 3-month high of 22.3 billion euros in March from 20.6 billion euros in February, as imports fell by much more than exports.
This article appears in:
More Headlines for: