Mining stocks push UK's FTSE 100 higher, Unilever shines
July 26, 2023 00:00:00
UK's FTSE 100 edged higher on Tuesday as mining stocks advanced after Beijing pledged to step up policy support for the Chinese economy, while consumer staples major Unilever gained after beating quarterly sales estimates, reports Reuters.
The blue-chip FTSE 100 rose 0.1 per cent as Unilever jumped 4.6 per cent, topping the FTSE 100, after the maker of Dove soap and Ben & Jerry's ice cream again raised prices to make up for higher costs.
The broader personal care, drug and grocery stores sector rose 2.7 per cent.
Industrial metal miners advanced 2.9 per cent, tracking a rally in most base metal prices after China's top leaders said on Monday that they will step up economic policy adjustments, focusing on expanding domestic demand, boosting confidence and preventing risks.
"The Politburo comments are kind of music to the markets because this is what the market was anticipating," said Giles Coghlan, chief market analyst at HYCM.
"The question now is that the devil will be in the details, in terms of what actually gets delivered on."
The internationally-focussed FTSE 100 is set to post gains for a sixth straight session, its best winning run since April.