Britain‘s top shares extended a two-week rally on Monday, with stocks that are sensitive to optimism over the economy receiving a boost from signs of growth both domestically and abroad.
A string of positives from Hammerson’s results helped its shares rise 3.3 per cent to their highest level since 2008, with the shopping centre landlord benefiting from a recovering British economy.
As well as improved earnings and net asset value, the group upped its dividend per share by 8 per cent to
The stock was the top riser on the
Shares in fellow real estate development trusts,
“When you look at property, it’s always a great barometer for confidence. When you see the likes of (
No sectors were in negative territory and only ten individual stocks fell.
Volumes were relatively subdued on the
Miners rose 1.3 per cent after data showed banks in China, the world’s biggest metals consumer, disbursed more loans than in any month for four years in January, suggesting growth there may not be cooling as much as some fear.
The news was the latest sign of calm in emerging markets, concerns over which knocked 6 per cent off the
“The diminution in the emerging market turmoil is probably the main driver, (and there is) a slight sense of risk-on,” said
So-called cyclical stocks in the basic materials, financial and energy sectors, which tend to rise with optimism over the economy, combined to add 34 points to the index.
Strength in the miners helped the
The sector is up 7.6 per cent so far in 2014, having fallen 16.4 per cent last year.
“I’m interested in the rally we’re seeing in materials companies, which are one of the better performing sectors of the year, having been the worst, globally, last year,” said
“The market has brushed off any concerns that there had been over growth … but there are concerns remaining over structural overcapacity, as well as how sustainable any demand recovery will turn out to be.”
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