Britain’s FTSE hits 11-month peak, miners lead

By: | Published: July 12, 2016 1:30 PM

Britain's top share index held near an 11-month high on Tuesday while midcaps rose nearly 1 percent as domestic political uncertainty eased after Theresa May was set to become the country's new prime minister this week.

Gains in large-cap mining companies offset weakness in defensive sectors such as telcos and healthcare that were investor magnets in the aftermath of the Brexit vote. (Reuters)Gains in large-cap mining companies offset weakness in defensive sectors such as telcos and healthcare that were investor magnets in the aftermath of the Brexit vote. (Reuters)

Britain’s top share index held near an 11-month high on Tuesday while midcaps rose nearly 1 percent as domestic political uncertainty eased after Theresa May was set to become the country’s new prime minister this week.

Gains in large-cap mining companies offset weakness in defensive sectors such as telcos and healthcare that were investor magnets in the aftermath of the Brexit vote.

The blue-chip FTSE 100 index was up 0.1 percent at 6,692.19 points in early deals after rising up to 6,698.92, the highest level since August last year. The index has gained nearly 16 percent since its post-Brexit low on June 24 and is up more than 20 percent from its trough in February.

However, it is up only 11 percent in US dollar terms due to a sharp fall in the sterling.

The domestically-focused mid-cap index once again outperformed and is now a little more than 3 percent shy of its pre-referendum levels.

Basic resources tracked stronger metals prices following upbeat results from Alcoa overnight. The UK mining index was up 0.7 percent. Shares in Anglo American , Glencore and BHP Billiton rose 1.1 to 1.9 percent. (Reporting by Atul Prakash)

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