Dec 23 (Reuters) - London's FTSE 100 ended higher on Tuesday, supported by gains in shares of banks and miners amid thin trading volume ahead of the Christmas break. The UK's blue-chip FTSE 100 closed
FTSE 100 Climbs as Miners Benefit from Record Copper Prices
Dec 23 (Reuters) - London's FTSE 100 ended higher on Tuesday, supported by gains in shares of banks and miners amid thin trading volume ahead of the Christmas break.
The UK's blue-chip FTSE 100 closed 0.3% higher, extending its upward momentum from last week after the Bank of England's 25-basis-point interest rate cut pushed the index to a five-week high.
The domestically focussed midcap FTSE 250 index added 0.1%.
Trading volumes typically decrease during the holiday-shortened week. Markets will close early on Wednesday, and remain shut on Thursday for Christmas Day and on Friday for Boxing Day.
Miners Anglo American rose 2.6% along with Antofagasta and Rio Tinto, adding 1.8% and 1.1%, respectively, as copper prices surged to a record high, crossing the $12,000 mark.
Anglo American also benefitted from Wells Fargo initiating coverage with an equal weight rating and a target price of $17.
Lenders HSBC and Barclays added 0.7% and 0.8%, respectively.
Miners and financial stocks, along with defence stocks, were the biggest drivers of the FTSE 100's gains this year, which is up 16% year-to-date.
Similarly, pan-European STOXX 600 and Wall Street's benchmark S&P 500 index have also gained about 16% each so far.
Healthcare stocks climbed 0.4% in the session, mirroring gains in European peers, after heavyweight Novo Nordisk clinched the U.S. approval of its weight-loss pill.
Metlen Energy and Metals was up after the real estate investment trust completed a renewables transaction in Chile.
Weighing on the FTSE 100 index, Diageo dropped 1.8%, extending its slide to a second session, while Compass Group fell 1.2%.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore)
