Strong earnings, miners lift FTSE 100

UK’s FTSE 100 rose on Tuesday, as receding concerns about the Omicron coronavirus variant lifted global mood for a second day, while a jump in mining stocks and positive earnings further boosted the blue-chip index.

The FTSE 100 added 0.9% by 0820 GMT, with plumbing parts distributor Ferguson advancing 4.8% to the top of the index after strong revenue growth forecast.

Rental equipment provider Ashtead Group (LON:AHT) PLC rose 2.4% after saying it expected full-year results ahead of previous estimates and raising its dividend.

Base metal miners led gains on the commodity-heavy FTSE 100 as copper prices were boosted by monetary policy easing in top consumer China. [MET/L]

The domestically focussed mid-cap index advanced 0.9%, with travel and leisure stocks recovering 1.6% as fears around the Omicron variant eased after experts said the new strain might not be as severe as feared.

British American Tobacco (LON:BATS) gained 1.2% after reiterating its full-year profit and sales forecasts, as more people switched to its Vuse vaping and Velo oral nicotine products.