British stocks break 3-day losing streak

British stocks break 3-day losing streak

On Tuesday, British stocks grew for the first time in four trading sessions, driven by a weaker pound, with precious-metals miners among the number one advancers on the back of solid revenues for gold as well as silver prices.

The FTSE 100 UKX inched up 0.5%, trading at 7,319.98, rebounding from Monday’s 0.5% sag.

Randgold Resources Ltd surged 1.91%, demonstrating one of the biggest revenues on Tuesday.

Meanwhile, gold rallied 0.53%, hitting $1,259.70, while silver added 0.87%, trading at $18.35. 

Besides this, in the mining space, stocks of Anglo American PLC AAL acquired 1% after the company’s majority-owned De Beers Group posted a 4.9% soar in diamond sales in the third cycle of 2017.

The London benchmark FTSE 100 was also backed by a weaker pound. The currency pair GBP/USD declined to $1.2433 from $1.2487 on Monday. Approximately 75% of profits generated by FTSE 100 companies come from abroad; therefore poor sterling helps to boost those earnings.

 

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