LONDON MARKETS: FTSE 100 Wavers Around Record High As Miners March Higher

By FeaturesDow Jones Newswires

Copper rises for 16th straight session

U.K. stocks swung between small gains and losses on Thursday, but stayed close to a record high as miners continued to march higher on the back of a rally in commodity prices.

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What are markets doing: The FTSE 100 index was marginally higher at 7,622.45, building on a 0.4% gain from Wednesday that was enough for the benchmark to score an all-time closing high.

The pound rose to $1.3452, up from $1.3401 on Wednesday. The pound strength was largely an effect of a broad-based dollar selloff (http://www.marketwatch.com/story/dollar-index-drops-to-multiweek-lows-after-us-bond-yields-tumble-2017-12-28) that came after U.S. Treasury yields tumbled on Wednesday.

What is driving the market: U.K. stocks were mainly lifted by commodities companies that continued higher as copper rose for a 16th straight day and traded close to a four-year high. Oil prices were also in an upbeat mood after U.S. inventory data showed a larger-than-expected drop in stockpiles last week (http://www.marketwatch.com/story/api-report-reveals-bigger-than-expected-drop-in-crude-oil-inventories-2017-12-27).

More broadly, volumes were thin on Thursday with many investors expected to stay on vacation until after the New Year holiday.

Stock movers: Among miners, shares of Anglo American PLC (AAL.LN) rose 1.2%, Antofagasta PLC (ANTO.LN) climbed 0.9% and Rio Tinto PLC (RIO) (RIO) (RIO) gained 0.8%.

(END) Dow Jones Newswires

December 28, 2017 04:24 ET (09:24 GMT)