By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Miners Anglo American PLC and
Antofagasta PLC led U.K. stocks higher on Wednesday after
well-received production updates, while the broader market advanced
after a Turkish rate hike stemmed fears about volatility in
emerging markets.
The FTSE 100 index rose 0.6% to 6,614.55, on track for a second
day of gains.
Shares of Anglo American gained 4.8% after the miner said
production rose across most commodities in the fourth quarter.
Iron-ore output jumped 25%, while copper production rose 24% to a
record 214,400 tons in the period.
Antofagasta picked up 6% after posting a rise in full-year
copper production, which it attributed to strong performance across
all its operations.
Other mining firms were also on the rise, with shares of
Randgold Resources Ltd. up 2% and Rio Tinto PLC rising 1.8%. Metals
prices were mostly higher.
The broader market rose along with other European equities after
the Turkish central bank late Tuesday aggressively increased
interest rates to halt a recent slide in the currency and stem
capital outflows. The central bank raised the overnight lending
rate to 12% from 7.75%, initially sending the lira higher. Around
midmorning in Europe on Wednesday, however, the currency fell back
against the dollar again, with the dollar buying 2.2233 lira, a
1.9% increase according to FactSet.
Banks were among major advancers in London. Shares of Barclays
PLC (BCS) gained 3.3%, Lloyds Banking Group PLC (LYG) rose 0.9%,
and Royal Bank of Scotland Group PLC (RBS) picked up 0.5%.
On a more downbeat note, shares of J Sainsbury PLC lost 2.7%
after the supermarket chain said its Chief Executive Justin King
has decided to step down and will be replaced by Mike Coupe.
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