London-listed mining companies are leading gains in Britain’s markets on Tuesday, with two of the FTSE 100’s top listed miners topping the tables in early trade. As of around 8.20 a.m. BST (3.20 a.m. ET) Rio Tinto and Glencore are both higher by around 2.3% to 2.5%, taking strength from a gaining dollar on the day.
Here are the charts for both on Tuesday (note times on the below graph are New York):
British listed miners, which largely denominate their assets in dollars, and carry out the vast majority of their operations overseas, have enjoyed a huge rise since Britain voted to leave the EU in June, taking advantage of the pound’s crash against the dollar.
Overall, Britain’s stock market has gained a little so far on the day, with the FTSE up just more than 0.3%. Here’s the chart:
Henry Croft, a research analyst at Accendo Markets, says in an email on Monday morning that European markets are being boosted “after a mostly positive Asian trading session, driven by further US Dollar strengthening as the chances of a US Fed hike in December reach their highest since before Brexit. Earnings releases will once again be the focus for markets as four FTSE 100 components report this morning, whilst across the pond the world’s most valuable company Apple reports how it fared in the third quarter.
“Earnings releases will once again be the focus for markets as four FTSE 100 components report this morning, whilst across the pond the world’s most valuable company Apple reports how it fared in the third quarter.”
Other FTSE 100 gainers on Tuesday include Barclays (up 0.38% to £1.842) and easyJet, which continues to gain following UBS’ decision yesterday to put a buy rating on the stock.
At the other end of the table, luxury fashion brand Burberry Group is the biggest loser, off 0.48%.