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British Stocks Jump as Mining Shares Track Strong Silver Prices

Feb 1 Reuters British shares rose on Monday led by gains in mining stocks as silver prices jumped on strong retail demand, while fund supermarket Hargreaves Lansdown jumped on upbeat earnings and fashion retailer ASOS gained on a deal to buy rival brands.

The bluechip FTSE 100 index gained 0.7, recovering from its worst session in three months, with miners and construction stocks gaining most, while the midcap index added 0.4.

Silver prices surged to a fivemonth high, as smalltime investors piled in to the metal, the latest target of a retailtrading frenzy that has set financial markets on edge.

In company news, Londonlisted shares of Ryanair Holdings slid 0.7 after saying it may lose close to 1 billion euros 1.21 billion in its current financial year, by far its worst ever performance.

Online fashion retailer ASOS gained 2.1 after buying the Topshop, Topman, Miss Selfridge and HIIT brands from the administrators of Philip Greens collapsed Arcadia group for 265 million pounds 364 million.

Hargreaves Lansdown rose 1.1 after the company raised its dividend and posted a 10 jump in profit for the first half of its fiscal year.

Reporting by Shashank Nayar and Amal S in Bengaluru; Editing by Shounak Dasgupta

Source Reuters

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