FTSE 100 Rallies Led By Commodity Stocks

U.K. stocks were sharply higher on Friday as higher commodity prices lifted mining and energy stocks.

In economic releases, the U.K. economy posted a meagre growth in February, the Office for National Statistics reported earlier today.

Real gross domestic product edged up 0.1 percent on a monthly basis in February, following a revised 0.3 percent expansion in January. The growth came in line with expectations.

On a yearly basis, GDP posted a decline of 0.2 percent in February, which was better than economists’ forecast of 0.4 percent contraction.

The benchmark FTSE 100 was up 101 points, or 1.3 percent, at 8,025 after losing half a percent on Thursday.

BP Plc jumped 3 percent and peer Shell added 2 percent as Brent crude futures climbed above $90 a barrel on speculation that Iran will respond to Israel’s attack on its Syrian embassy.

Mining giant Anglo American soared 4 percent, Antofagasta rallied 3.5 percent and Glencore surged 3.4 percent as base metals extended a rally on increased supply risks and an improving outlook for demand.

Mercantile Investment Trust rose over 1 percent after it swung to an annual profit.
Housebuilders advanced following positive commentary from JPMorgan. Barratt Developments rose 2.3 percent, Persimmon added 2.9 percent and Taylor Wimpey climbed 3.6 percent.

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