LONDON: U.K. stocks headed for a third straight day in positive territory on Wednesday, with battered mining giant Glencore PLC leading the charge north after striking an upbeat tone about its debt burden.
Market sentiment was also lifted by a strong trading session in Asia, where markets rallied partly due to a strong IPO for Japan Post 6178, +0.00% and encouraging Chinese activity data for the services sector.
In London, the U.K.’s FTSE 100 index UKX, +0.85% added 0.6% to 6,420.95, setting it on track for its highest close in a week.
Leading gainers in the benchmark, shares of Glencore GLEN, +5.94% GLCNF, +2.82% 0805, +4.09% jumped 4.7% to 1.25 pounds ($1.93) after the commodities major said it had made significant progress in reducing its debt. It also affirmed that its trading division is performing in line with expectations. Glencore’s share price fell to as low as 67 pence in September, when fears about its large debt burden and a slump in global commodity prices scared investors out of the stock.
Other resource firms rose on Wednesday, with shares of Anglo American PLC AAL, +5.21% up 3.8%, Antofagasta PLC ANTO, +3.08% gaining 2% and mining heavyweight BHP Billiton PLC BLT, +2.93% BHP, +2.72% BHP, +1.95% 1.9% higher. Metals prices were higher across the board.
Marks & Spencer Group PLC MKS, +3.47% MAKSY, -0.25% also helped lift the mood in London. Shares of the supermarket chain advanced 3.5% after the retailer raised its margin outlook for the year.
Other supermarkets companies tracked M&S higher, with J Sainsbury PLC SBRY, +1.63% JSAIY, +0.85% rising 1.2% and Tesco PLC TSCO, +1.27% TSCDY, +0.71% up 0.8%.
