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FTSE 100 Boosted By Commodity Stocks, Traders Await Hammond

Nov, 23rd 10:25

U.K. shares extended their gains following a 0.6% advance on Tuesday. The benchmark FTSE 100 head for closing higher for the third straight day, lifted by commodity stocks while investors were waiting for a key update on the U.K. government’s spending plans

The rally of the FTSE 100 index on Wednesday was inspired in part by a second-straight record-breaking session for major indexes in Wall Street, including the Dow Jones Industrial Average DJIA which finished above 19,000 for the first time yesterday.

All sectors were in the positive territory in London, led by basic materials stocks. Precious metals mining companies topped the index. Africa focused gold mining and exploration company Randgold Resources Limited topped the index, soaring 3.01% while the Mexican-based gold and silver miner Fresnillo PLC surged 3.75%.

Shares of Glencore PLC gained 1.2% as those of BP PLC and Rio Tinto PLC added nearly 1%. BHP Billiton PLC gained 1.87%.

At 12:30 GMT on Wednesday, U.K. Chancellor of the Exchequer Philip Hammond is due to deliver his “autumn statement” to parliament. The statement will be highly watched as the finance minister will not only lay out the government’s first tax and infrastructure spending plans since the country’s Brexit vote in June to leave the European Union, but also announce government’s economic forecasts and budget goals.

ftse

Fig: FTSE 100 Index Technical Chart

FTSE 100 index has been trading comfortably above two MAs which are hanging below the price action. The index is anticipated to keep edging higher as buyers are showing signs of becoming stronger. Coupled with signal from RSI index that is pointing upwards, the ADX indicator window confirms the uptrend with the divergence between the +DI and -DI lines.

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