Mining stocks topped the FTSE 350 risers on Thursday as firmer metals prices lifted the sector. Gold rose 0.8% to $4,106, silver and copper also gained, and precious-metals producers led the advance.
Mining shares dominated the FTSE 350 risers on Thursday as stronger metals prices lifted sentiment across the sector. Precious-metals producers set the pace, with Pan African Resources climbing 4.7%, Hochschild Mining up 3.9%, and Atalaya Mining Copper, Endeavour Mining and Fresnillo each rising more than 2%.
Copper-focused names moved in step. Antofagasta climbed 4.0%, Glencore added 3.8% and Anglo American rose 3.6%, while Rio Tinto traded 1.8% higher.
The underlying metals drove the move. US copper rose 1.8% to $6.16 per lb and silver gained 1.6% to $59 an ounce. Gold rose 0.8% to $4,106.
Antofagasta drew extra support from a JPMorgan upgrade to 'overweight' from 'neutral', which lifted its share-price target to 4,500p from 3,400p. According to Proactive Investors, market analyst Richard Hunter at Interactive Investor said mining stocks were "temporarily squarely back in fashion."
The move followed a sharp fall tied to the resumption of strikes between the US and Iran. European and Asian stocks were mostly higher on Thursday, seemingly taking confidence from President Trump being reported as saying Iran still wanted to agree a peace deal.
Source: Proactive Investors
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