FTSE In The Green Into The Close, Metals And Miners Shine

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On Friday, UK stocks saw a slight increase, with the FTSE 100 up by 0.8% on track for weekly gains. The boost was driven by a surge in precious metal miners and overall market strength. Additionally, February's economic growth in Britain indicates signs of recovery from inflation. Precious metal miners experienced a 3.9% increase due to rising gold prices, while industrial metal miners saw a 2.2% uptick as funds flowed into commodities to hedge against inflation. The UK's economic output grew by 0.1% in February, aligning with economists' expectations and suggesting an exit from recession in early 2024. In individual stocks, BP gained 2.2% following reports of preliminary discussions about a potential acquisition by the United Arab Emirates' state-owned oil company.

Fresnillo's surge to the top of the index can be attributed to the increase in gold prices, which have reached new record highs amid concerns about escalating conflict in the Middle East. This uptrend in gold prices has bolstered the performance of other mining companies as well, with Glencore, Anglo American, Antofagasta, and Rio Tinto all experiencing gains, driven by rising copper prices.

Additionally, Brent Crude oil prices rose above $91 a barrel, reflecting ongoing geopolitical tensions and supply concerns, which further contributed to the positive sentiment in the mining and energy sectors.In the realm of specific company news, Taylor Wimpey, a housebuilder, received a boost following upgrades from both JPMorgan and RBC Capital Markets, indicating increased confidence in the company's prospects. Similarly, BP saw an increase in its stock price after reports emerged suggesting that the United Arab Emirates' state-owned oil company had considered acquiring BP, although discussions did not progress beyond preliminary stages.

FTSE Bias: Bullish Above Bearish below 7900

  • Below 7890 opens 7844
  • Primary support 7844
  • Primary objective 8059
  • 5 Day VWAP bearish
  • 20 Day VWAP bullish

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