London stocks rose on Thursday, pulled ahead by miners and banks, as investors eyed the much-anticipated European Central Bank policy meeting and the Bank of England’s Monetary Policy Committee meeting, both set for later in the day.
The FTSE 100 UKX climbed 0.8% to 5,704.51.
The main London index tracked gains across Europe as the countdown toward the ECB’s policy meeting began. See: Europe stocks rise as ECB meeting eyed
The Bank of England is widely expected to keep its key interest rate unchanged.
Miners led the surge in the FTSE, with Antofagasta PLC ANTO jumping 3.7% and Kazakhmys PLC KAZ up 2.5%.
Eurasian Natural Resources Corp. ENRC added 2.3% and Vedanta Resources PLC VED moved up 2.6%.
Rio Tinto PLC RIO RIO RIO advanced 2.1% while Anglo American PLC AAL rose 1.9%. BHP Billiton PLC BLT BHP BHP was up 1.7%.
Xstrata PLC XTA took on 1.4%.
Rounding out the sector, Randgold Resources Ltd. RRS jumped 3.3% and Fresnillo PLC FRES picked up 3.2%. Polymetal International PLC POLY rose 1.4%.
Metals prices were mostly higher.
Whitbread and banks
Whitbread PLC WTB shot up 5.7%. The hotel and restaurant group reported that for the 11 weeks ended Aug. 16, total sales rose almost 15% while comparable sales advanced 4.2%. At Premier Inn, revenue per available room rose 1.9%.
The Olympics “provided a modest benefit, primarily through increased room rate, with occupancy slightly down” from a year earlier, Chief Executive Andy Harrison said in a statement.
“The economic challenges and variable trading month by month continue. We remain on track to deliver our ambitious growth program. …”
Banks were also on the rise, with Royal Bank of Scotland Group PLC RBS RBS adding 1.4% and Standard Chartered PLC STAN up 0.9%.
Barclays PLC BARC BCS climbed 1.2%, even after Credit Suisse downgraded the bank to neutral from outperform.
HSBC Holdings PLC HSBA HBC picked up 1%.
Wm. Morrison Supermarkets PLC MRW jumped 4.7% after announcing it would reduce investment in new store space after first-half results showed a drop in net profit.
Oil firms also moved up, with BP PLC BP. BP taking on 0.3% and Royal Dutch Shell PLC RDSB RDS.B edging 0.8% higher. BG Group PLC BG. moved up 0.7%.
Oil prices were higher.
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