UK stocks open higher on Bunzl, mining boost
Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing Rights
Aug 29 (Reuters) – London stocks opened higher on Tuesday following an extended weekend as miners rose on optimism over fresh policy support from top consumer China, while Bunzl advanced on upbeat annual profit outlook.
The blue-chip FTSE 100 index (.FTSE) surged 1.3% in early trade, while the FTSE 250 (.FTMC) rose nearly 1%.
The FTSE 100 outpaced its regional peers, with the broader pan-European STOXX 600 (.STOXX) up 0.6%.
The London Stock Exchange was closed on Monday due to a summer bank holiday.
Shares of Bunzl (BNZL.L) climbed nearly 4% after the British business supplies distributor hiked its annual adjusted operating profit forecast. Bunzl’s stock was the biggest gainer in the benchmark index.
Industrial metal miners (.FTNMX551020) tracked metal prices to gain 1.7%. China said in a brief statement on Sunday it was halving stamp duty on stock trades.
Precious metal miners (.FTNMX551030) also climbed 1.7%, supported by an uptick in gold prices as the U.S. dollar and bond yields retreated.
Reporting by Siddarth S in Bengaluru; Editing by Sherry Jacob-Phillips
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