FX.co ★ FTSE 100 Inches Higher as Miners Rally

The FTSE 100 index in London made slight progress toward closing at the 9,730 mark after a relatively subdued week, driven mainly by strong performances in the UK’s influential mining sector. Leading the charge were mining giants Antofagasta and Anglo American, each gaining over 2%, while Glencore rose by 1.9% and Rio Tinto by 1.1%, benefiting from copper reaching a new peak and continued strength in silver prices. In corporate developments, Unilever confirmed a minor increase of 0.2%, announcing the demerger of its ice-cream business, which has been rebranded as The Magnum Ice Cream Company, and is set to finalize on December 6. Meanwhile, British American Tobacco (BAT) saw a slight decline of 0.3% as it revealed plans to expand its divestment of a stake in ITC Hotels to 9% or 187.5 million shares, up from the previously announced 7%, amid ongoing efforts to reduce debt and shift focus towards innovative ventures. On the macroeconomic front, UK housing prices remained largely unchanged in November, with a noticeable slowdown in annual growth; however, the average house price still edged up to a record £299,892.