Miners and Persimmon Boost FTSE

UK stocks got off to a strong start on Wednesday, boosted by gains for the main home builders and miners, as investors struggled with some increasing geopolitical tensions over North Korea, and played the “watch and wait” game regarding the Markit report on the services sector.

shareprices.com - Wednesday, July 05, 2017

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Miners, including Glencore, Antofagasta and BHP Billiton all made some gains, but Fresnillo, Randgold Resources, which focus on the precious metals sector, lost 1.48%, 1.1% and 1% respectively, having made some gains in the previous session.

Gold prices increased on Wednesday morning, but not enough to shore up investor confidence.

North Korea says that it successfully test-launched a missile in the seas near Japan, and the U.S has confirmed that the missile which was launched was capable of reaching as far as the continental USA. The U.S. government is calling for global action on the issue.

In other news, Ocado Group is up by 0.86 percent in the FTSE 250, after the company said that pre-tax profits had fallen because of the costs of opening a new distribution center, but that their first-half revenues had increased. Ocado partner WM Morrison gained 0.8 percent on the news.

The U.K. Services purchasing manager’s index is due to be published today, and while most expect that the data will be positive, an unexpected twist to the report could have a huge impact on the markets. Assuming that news is as expected, then the main focus of the day will be central banks, as BoE policmaker Michael Saunders is warning that households should prepare for an interest rate increase.


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