The UK market witnessed an upward trend on Thursday morning, buoyed by significant gains in the mining sector. This positive performance occurred even as retail stocks faced selling pressure, notwithstanding impressive sales figures from major retailers. The devaluation of the pound has been a substantial factor driving the market's rise.
As of a recent update, the FTSE 100 index increased by 53.70 points, marking a 0.65% growth to stand at 8,304.73.
Notable performers in the mining sector include Antofagasta and Anglo American Plc, with increases of 4.7% and 4.3% respectively. Fresnillo advanced by 4%, while Rio Tinto saw a 2.5% uptick. Endeavour Mining rose by 2.3%, and Glencore appreciated nearly 1.5%.
Other significant gainers in the market were companies such as DS Smith, Melrose Industries, Compass Group, Shell, Intercontinental Hotels, Airtel Africa, Severn Trent, Intertek, ICP, Unilever, BT, Weir Holdings, Smith & Nephew, Ashtead, BP, and Pershing Square Holdings.
On the downside, B&M European Value Retail plummeted over 12% despite a 3.5% increase in sales, following the company's decision to narrow its profit forecast.
Marks & Spencer experienced a decline of 6.1%, even with a reported sales increment of 5.6% in the third quarter.
Tesco, although recovering from earlier losses, remained in the red, down approximately 1.25% from the previous closing. The retailer announced a 3.7% growth in its Christmas sales.
Among other decliners, Land Securities, J Sainsbury, Admiral Group, Vistry Group, Taylor Wimpey, LondonMetric Property, Next, Associated British Foods, Persimmon, Berkeley Group Holdings, and Kingfisher saw decreases ranging from 2.5% to 4%.
In terms of economic developments, a report by S&P Global highlighted a decline in both UK permanent placements and vacancies in December, as firms assess the implications of the tax hikes introduced in the October budget. According to the KPMG/REC Report on Jobs survey, the reduction in permanent placements was the most significant since August 2023.
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