UK stocks steady as Trump eases tone on China tariff; gold miners shine
UK stocks showed modest recovery with the FTSE 100 up 0.07% and FTSE 250 up 1.15%, driven by miners as Trump eased trade tensions with China. Gold miners surged, with Fresnillo and Endeavour rising 7.6% and 6.4%, respectively. Big Yellow Group shares soared 18.3% after Blackstone considered a buyout, while Safestore jumped 11.2%. The broader real estate sector advanced 2.5%, and industrial metal miners rose 2.2%. However, Oxford Instruments fell 11.4% due to expected revenue drop.
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FTSE 100 up 0.7%, FTSE 250 UP 1.15%
Miners drive gains
Big Yellow soars as Blackstone considers buyout
Oct 13 (Reuters) - London shares made a modest recovery on Monday, led by miners, as U.S. President Donald Trump softened his rhetoric on trade tensions with China, worries about which had sparked a sharp selloff on Friday.
The blue-chip FTSE 100 (.FTSE) was up 0.07% as of 1012 GMT, having dropped 0.9% in the previous session after Trump threatened 100% tariffs on Chinese imports, reigniting fears of a trade war between the world’s two largest economies.
The mid-cap focused FTSE 250 (.FTMC) gained 1.15%.
Over the weekend, Trump struck a more conciliatory tone, posting that “it will all be fine” and that the U.S. had no intention to “hurt” China.
In the market, precious metal miners (.FTNMX551030) led gains with 7% rise as gold prices hit another record high. (GOL/)
Gold miners Fresnillo (FRES.L) and Endeavour (EDV.L) gained the most in the FTSE 100 with 7.6% and 6.4% rise, respectively.
In the latest round of mergers and acquisitions, U.S. private equity giant Blackstone (BX.N) said it was in the early stages of considering a cash offer for Big Yellow Group (BYG.L) , lifting the self-storage firm’s shares 18.3%.
Rival Safestore (SAFE.L) also jumped 11.2% on the news.
Tritax Big Box (BBOXT.L) gained nearly 3% after Blackstone agreed to buy a 9% stake in the UK real estate investment trust. Tritax agreed to buy Blackstone’s UK logistics assets for 1.04 billion pounds ($1.39 billion).
The broader real estate sector (.FTUB3510) advanced 2.5%.
An index of industrial metal miners (.FTNMX551020) rose 2.2%, tracking gains in copper prices. (MET/L)
Mining heavyweights Anglo American (AAL.L) , Glencore (GLEN.L) and Rio Tinto (RIO.L) rose between 1.5% and 2.8%, helping lift the blue chip index.
Among other individual stocks, Oxford Instruments (OXIG.L) shed 11.4% as the company expects H1 revenue to drop and said the shortfall is unlikely to be recovered.
Lloyds Banking Group (LLOY.L) gained 1% after a motor finance charge came in lower than anticipated.
