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Reuters: Firm pound keeps UK's FTSE 100 range-bound at open; mining stocks rise

Reuters
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Reuters
Published Jul 11, 2023

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FTSE 100 flat, FTSE 250 adds 0.3%

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UK's FTSE 100 was subdued at the open on Tuesday, as a strengthening pound pressured the exporter-heavy index, while mining stocks shined on higher metal prices.

Sterling gained 0.2% after official figures showed British wages excluding bonuses were 7.3% higher in the three months to May than a year earlier, matching the highest growth on record.

Industrial metal miners were amongst the early gainers, up 1.1% as most base metal prices rose on a weaker dollar.

Precious metal miners also gained 1.5%, tracking a rise in gold prices.

Commercial property firm British Land said it still expects strong operational momentum despite macroeconomic uncertainty. Its shares rose 2.4%.

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