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FTSE 100 hits three-year highs as mining, energy stocks rise

06 January 2023 21:51 (UTC +04:00)

Britain's FTSE 100 index hit a more than three-year high on Friday, boosted by miners and energy stocks, while slower-than-expected U.S. jobs growth fuelled hopes that the world's largest economy may be less aggressive in raising interest rates, APA reports citing Reuters.

The export-oriented FTSE 100 (.FTSE) closed up 0.9%, while the domestically focused FTSE 250 (.FTMC) ended 0.2% higher by 1645 GMT.

Precious (.FTNMX551030) and base metal miners (.FTNMX551020) and energy firms (.FTNMX601010) rose between 1.5% and 3.4%, tracking upbeat copper, gold and crude prices.

Meanwhile global markets were firmer after wage inflation showed signs of cooling in the world's largest economy, raising hopes that the Federal Reserve would not keep rates higher, thereby avoiding a deep recession. Data released early on Friday showed the U.S. economy added jobs at a solid clip in December.

"The resilience of the numbers helps to reinforce optimism that the U.S. economy will avoid a hard landing type of recession over the next few months. This is being reflected in the performance of the FTSE 100 which is once again performing well," said Michael Hewson, chief market analyst at CMC Markets.