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FTSE 100 rises more than 1% as banks and miners rally
Britain's FTSE 100 was up 1.18% at 10,764.49 by 1121 GMT on Wednesday, Reuters reported, as banks gained ahead of a Bank of England decision and miners tracked higher gold prices.
- New headline Was: “FTSE 100 climbs 1% on banks, miners boost”
- Our desk filed its story
Based on reporting by Reuters
Britain's FTSE 100 was 1.18% higher at 10,764.49 points by 1121 GMT on Wednesday, on course for its largest one-day percentage rise in about six weeks, Reuters reported1.
The mid-cap FTSE 250 was up 0.83% at a two-month high, according to the same report1.
Banking shares were the largest contributor to the blue-chip index, up 4.3% and heading for their strongest one-day move in nearly six months, Reuters said1. HSBC, Standard Chartered, NatWest, Lloyds Banking Group and Barclays each gained between 3.6% and 4.8%1. The move came a day before a Bank of England policy decision, with markets largely pricing a 25-basis-point rate increase1.
Precious-metal miners rose nearly 6.2%, tracking about a 3% rise in gold prices, and were heading for their largest one-day gain in nearly three months, the report said1. Reuters attributed a weaker dollar in part to a Democratic sweep of the U.S. midterm elections and investor concern that tighter artificial-intelligence rules could weigh on growth1.
Lion Finance Group rose 7.5% after announcing a 62 million Georgian lari ($24.2 million) share buyback1. Engineering company Weir fell 7.7% after pointing to shorter-term pressure from conflict in the Middle East and mine disruptions in Chile while keeping its annual outlook1. Metro Bank jumped 13.9% to lead the mid-cap index after restating return-on-tangible-equity targets of more than 13% in 2026, over 15% in 2027 and above 18% in 2028, Reuters reported1.
