The London stock market opened higher on Wednesday, with mining companies leading the gains as copper prices rallied. Investors are also keeping an eye on results from US chip maker Nvidia, which are due after the close of trading. At 8:30 AM GMT, the FTSE 100 index was up 0.6% at 8,721.03 points.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Nvidia’s results will be a key driver of market sentiment. “Given the AI euphoria, which has swamped markets and led to the chip giant’s heady valuation, there is a keen interest in whether the seemingly insatiable demand for its products is going to continue,” she said. Investors are also watching reports that Ukraine and the US have struck a deal on minerals to enable Kyiv to pay back billions in military aid.
President Volodymyr Zelenskyy is planning to travel to Washington on Friday to sign the agreement with his US counterpart.
Mining stocks surge in ftse 100
In the equity markets, mining stocks were among the top performers as copper prices rose.
Antofagasta and Anglo American were among the biggest gainers on the FTSE 100. “The threat of more potential tariffs from the US president is moving markets as investors assess the knock-on effect on goods across the global economy,” Streeter said. Medical products company Smith+Nephew was the standout gainer on the index, posting a jump in full-year profit and revenue.
Construction group Morgan Sindall also rose after reporting record results. On the downside, Hikma Pharmaceuticals tumbled even as it posted a rise in full-year profits and revenue. Aston Martin was in the black as it announced plans to cut its global workforce by around 5% in a bid to reduce costs.
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