U.K. equities up amid rising optimism on the fiscal cliff resolution

Source: Dukascopy Bank SA
© scanpix/AP
U.K. stocks increased to their one-week high as U.S. lawmakers are about to resume the budget talks to avert the so-called "fiscal cliff" that might push the nation into an economic recession. The U.S. President Barack Obama is pushing lawmakers to come to a conclusion. The FTSE 100 index added 0.4%, or 22.54 points, to 5,976.72 by 1:39 p.m. in London. Six out of nine indexes advanced, with Basic Materials jumping 1.69%, the biggest increase in the index. Eurasian Natural Resources, the ferroalloys and iron ore producer, led the gains in commodity shares by adding 3.3% to 29.1 pence. The financials group was supported by a 3.15% increase in the shares of Royal Bank of Scotland and a 2.7% rally in Lloyds Banking Group's equities. Meanwhile, utilities posted biggest losses by slumping 0.52%, followed by consumer goods that lost 0.15%. The health care sector contracted 0.05%, as Reckit Benckiser, the Nurofen maker, slid 1.44% to 3,888 pence, being the worst preforming company in the FTSE 100 index.
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