Miners, financials boost FTSE 100 ahead of key BoE meet (updated)

Mid Penn Bancorp

02/02/2022 09:20

* Vodafone gains on upbeat outlook
    * Ocado jumps on double upgrade by CS
    * FTSE 100 up 0.7%, FTSE 250 adds 0.8%

 (Adds analyst comment, updates prices)
    By Tanvi Mehta and Amal S
    Feb 2 (Reuters) - London's FTSE 100 rose on Wednesday, led
by banks and mining stocks in anticipation of a second
consecutive rate hike from the Bank of England meeting on
Thursday. 
    The blue-chip FTSE 100 index  .FTSE  was up 0.7%, extending
gains for the second session, while the domestically focused
mid-cap index  .FTMC  rose 0.8% with consumer discretionary
stocks leading gains. 
    "Unless the Bank of England pulls off another shock move and
doesn't deliver the rate hike that investors are expecting, I
think that we're going to continue very much the same way that
we have been," said Danni Hewson, financial analyst at AJ Bell.
    "So all of those financials, the value stocks are going to
continue to become increasingly attractive to investors."
    The banking sub-index  .FTNMX301010  rose 0.5% as
expectations of a 50-basis-point increase in rates from the BoE
pushed yields up, with the two-year yields  GB2YT=RR  at a level
last seen in May 2011 and the five-year yields  GB5YT=RR  on
British bonds at their highest since Oct 2018.  BOEWATCH 
    Copper ticked up on Wednesday as the dollar remained
restrained after recently tumbling from a 19-month peak, while
gold prices were hovering close to the $1,800 psychological
level.  MET/L   GOL/   
    Among miners, Rio Tinto  RIO.L , CRH Plc  CRH.L , Anglo
American  AAL.L  were the top gainers tracking stronger metal
prices.  
    Among individual stocks, Ocado  OCDO.L  rose 7.5% and was
the top percentage gainer on the blue chip index after Credit
Suisse double upgraded the online supermarket group.
 urn:newsml:reuters.com:*:nL8N2UD11E
    Vodafone  VOD.L  rose nearly 2.8% after the network provider
said it was on track to meet its full-year guidance and posted a
2.7% rise in third-quarter group service revenue.  urn:newsml:reuters.com:*:nTUC2767TK

 (Reporting by Tanvi Mehta and Amal S in Bengaluru; Editing by
Shailesh Kuber)
 ((tanvi.mehta@thomsonreuters.com; https://twitter.com/TanviMehta710;))
 
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