London stocks were rising as global optimism lifted mining shares.
Mining stocks, one sector used to gauge optimism about global economic growth, surged in London on Thursday, as metals prices climbed, while natural gas prices continued to ease.
“As the clouds in the U.S. begin to clear a little, so the gainers in London reflect this more optimistic view of global growth,” said Chris Beauchamp, chief market analyst at IG, in a note to clients. He was referencing the rally for U.S. stocks amid hopes of progress in U.S. debt ceiling talks. The best sector on the London Stock Exchange though was utilities and the worst was the oil and gas sectors as crude CL00, -0.99% BRN00, -0.76% and natural gas NG00, -2.06% prices pulled back after a volatile day of trading on Wednesday.
“However, even if energy prices fall from here, they’ve gone up so much in recent weeks that they will still have a large impact on inflation numbers in the coming months” said AJ Bell investment director Russ Mould, in a note to clients. “So, while the FTSE 100 was making solid progress on Thursday morning, further volatility cannot be ruled out.”
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