FTSE 100 Rises Led By Resource Stocks




U.K. stocks were notably higher on Tuesday, with basic resource stocks leading the surge as investors seemed reassured by Chinese President Xi Jinping's pledge to win the fight against the coronavirus outbreak.


A record close on Wall Street overnight on the back of robust earnings and signs of strength in the world's largest economy as well as an apparent slowdown in the rate of coronavirus infection in mainland China also helped underpin investor sentiment.


In economic news, the British economy failed to grow in the final three months of last year, as political uncertainty took its toll on businesses, official data showed.


According to preliminary estimates, GDP grew by 0 percent in the fourth quarter when compared to the prior three months.


The benchmark FTSE 100 was up 47 points, or 0.63 percent, at 7,493 after declining 0.3 percent on Monday.


Mining giant Anglo American climbed 1.2 percent and Glencore rose 0.9 percent on the back of an uptick in commodity prices.


Oil & gas major BP Plc gained 1.2 percent and Royal Dutch Shell added 0.8 percent as oil prices bounced back from a one-year low.


Marks & Spencer Group shares fell over 1 percent. The retailer said Eoin Tonge will be joining the Board in June as Chief Financial Officer. David Surdeau, interim CFO, will remain with the business to support the transition.


Travel and tourism company TUI Group soared nearly 12 percent after its Q1 loss narrowed from last year.


JD Sports Fashion advanced 2.7 percent. The sportswear retail group has provided an update following the UK Competition and Markets Authority's announcement that it has competition concerns regarding the Group's acquisition of Footasylum Limited.


Ocado Group rallied 2 percent despite the company reporting a wider loss for fiscal 2019.

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