London Stocks Rise as Glencore Jumps on Rio Merger Talks
London shares edged up on Friday after two sessions of losses. Glencore gave a boost amid initial talks of a possible merger with Rio Tinto. This could?potentially create a world's biggest mining company.
Glencore shares rose 10%, reaching their highest level since July 2024. Rio shares fell 2.2%.
By 1044 GMT, the blue-chip FTSE 100 index was?up by 0.4% and on course for a second consecutive weekly gain. The domestically-focused?midcap index gained 0.2% and is on track for a fourth consecutive weekly gain.
Oil prices have risen for a second consecutive day. BP and Shell each rose by more than 1%.
Separately British lawmakers have urged the Bank of England to be able to collect private credit information if its stress test does not reveal risks on the fast-growing market. Results of the exercise are due in 2027.
Anglo American, among 'other' stocks, rose 2.7% a day following a filing by the 'European Commission' that showed the deal between the miner and Canada's Teck Resources was heading towards antitrust clearance in Europe.
Sainsbury's (Britain's second largest supermarket group) reported an increase in underlying sales during the crucial Christmas quarter. However, shares fell by 5.3% due to weakness in the general merchandise category.
Investors will also be watching a vital U.S. jobs data on Friday. It is expected to show that the growth of employment in December was slowed down due to caution from businesses. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore)
(source: Reuters)
