Anglo American, Glencore help FTSE 350 index climb this week
by Agnieszka de Sousa (Bloomberg)
Mining stocks headed for an eighth weekly advance, the longest run in eight years, as hopes of more central-bank stimulus boosted equities and sent tin and zinc prices to the highest in more than a year.
The FTSE 350 Mining Index gained 4.5% this week, led by Anglo American and Glencore, and the London Metal Exchange’s index of metals reached a nine-month high. All of the bourse’s contracts rose today as economic data from China, the biggest user of metals, beat estimates.
Global equities held near the highest level this year even after last night’s deadly terror attack in France. Investors have been buying stocks as speculation mounted that policy makers around the world will take steps to limit the fallout from the UK’s vote to leave the European Union. Metals have also been supported by expectations of deficits.