Miners, oil majors boost FTSE 100 higher ahead of factory activity data - Reuters UK

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A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. REUTERS/Suzanne Plunkett

London's FTSE 100 index rose on Tuesday, helped by gains in heavyweight commodity stocks, while investors awaited a monthly reading on factory activity to gauge the pace of the country's economic recovery.

The blue-chip index (.FTSE) climbed 0.7%, with base metal miners (.FTNMX551020) gaining 3.1% as they tracked higher copper and iron ore prices.

Oil majors BP (BP.L) and Royal Dutch Shell (RDSa.L) added more than 1.2% each after Brent crude topped $70-mark on favourable demand outlook.

The domestically focused mid-cap FTSE 250 index (.FTMC) advanced 0.6%.

"A too rapid rise in oil prices would add on top of the worrying inflationary pressures and jeopardise the economic recovery," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"The FTSE 100 is well positioned to benefit from firm oil prices and global reflation theme. It should surf on business reopening, rising inflation, prospects of tighter monetary policies, higher rates, and tapering."

Mortgage lender Nationwide said British house prices jumped by an annual 10.9%, the most in nearly seven years, and they look set to accelerate further as people seek new homes after the COVID-19 pandemic. read more

The wider homebuilders index (.FTNMX402020) rose 1.7%.

But Deputy Governor Dave Ramsden has said that the Bank of England is carefully monitoring Britain's booming housing market as it weighs risks of a broader pick-up in inflation. read more

The FTSE 100 index has traded in a tight range since April as concerns grew that central banks might pare their support early as economies reopen and inflation climbs.

Among other stocks, Wickes Group (WIX.L) added 4.1% after the do-it-yourself retailer said its full-year profit would be in the upper half of analyst expectations after sales surged in April.

M&C Saatchi (SAA.L) jumped 9.4% after the advertising agency forecast upbeat annual results on new robust campaigns.

Travel food group SSP Group (SSPG.L) rose 3.3% after Peel Hunt upgraded the stock to "add" on potential growth from European air market opening.

Our Standards: The Thomson Reuters Trust Principles.

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Miners, oil majors boost FTSE 100 higher ahead of factory activity data - Reuters UK
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